Metinvest steel prices steady last week
21 February 2022
Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, were
mostly unchanged during Feb. 11 – 18, 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) added 3% w/w to USD
583/t on Feb. 18, 8% below their 2Q21 high of USD 635/t on June 18.
Billet prices inched up 0.4% w/w to USD 678/t on Feb.
18, 8% below their 2Q21 high of USD 735/t on May 14.
HRC prices were unchanged w/w at USD 905/t on Feb. 18,
17% below their 2Q21 high of USD 1,095/t on May 21.
Metal Expert did not provide an update for slab prices,
which stood at USD 700/t on Feb. 4, 26% below their 2Q21 high of USD 950/t on
May 28.
Dmytro Khoroshun: The rebound
in steel prices is supported by high costs but might falter on monetary
tightening in many regions.
Metinvest’s monthly EBITDA will amount to USD 300-500
mln in November-December, we expect.
We maintain our neutral view on METINV bonds.
