Metinvest steel prices rose last week
9 March 2021
Ukraine FOB prices
for the types of iron and steel products exported by Metinvest (METINV),
Ukraine’s largest producer, rose further during Feb. 26 – March 5, according to
Metal Expert, an industry consultancy.
Pig iron prices
(Metal Expert’s FOB Black Sea assessment for a group of countries that includes
Ukraine) were unchanged w/w at USD 505/t on March 5, 36% above their 3Q20 high
of USD 370/t on Sept. 18.
Billet prices inched
up 1% w/w to USD 585/t on March 5, 41% above their 3Q20 high of USD 415/t on
Sept. 11.
Slab prices rose 1%
w/w to USD 678/t on March 5, 46% above their 3Q20 high of USD 465/t on Sept.
11.
HRC prices jumped 4%
w/w to USD 765/t on March 5, 52% above their 3Q20 high of USD 503/t on Sept.
11.
The prices provided
by Metal Expert are sophisticated estimates, but they are not necessarily the
same as the prices realized by Metinvest for its specific products.
Dmytro Khoroshun: The prices will stabilize in the
next few weeks at the achieved high levels, we think. However, we continue to
expect the prices to correct during 2021.
Metinvest’s monthly
EBITDA will likely exceed USD 400 mln in 1Q21 because of strong steel and iron
ore prices.
We maintain our neutral view on METINV bonds.
