Metinvest steel prices stabilized last week

Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, were
mostly stable during Oct. 22-29 following their recent increases, according to
Metal Expert, an industry consultancy.

Billet prices lost 3% w/w to USD 650/t on Oct. 29, 12%
below their 2Q21 high of USD 735/t on May 14.

Slab prices were flat w/w at USD 730/t on Oct. 29, 23%
below their 2Q21 high of USD 950/t on May 28.

HRC prices were unchanged w/w at USD 865/t on Oct. 29,
21% below their 2Q21 high of USD 1,095/t on May 21.

Metal Expert did not provide an update for pig iron prices
(Metal Expert’s FOB Black Sea assessment for a group of countries that includes
Ukraine), which stood at USD 545/t on Oct. 22, 14% below their 2Q21 high of USD
635/t on June 18.

Dmytro Khoroshun: The next
round of drops in Ukraine FOB steel prices might be near, as suggested by the
recent drop in Chinese steel futures.

Metinvest’s monthly EBITDA will likely amount to at
least USD 500-700 mln in 3Q21 but should drop in 4Q21 because of the recent
drops in steel and iron ore prices.