Railway product prices rose 3% m/m in May for Ukraine exports

Ukraine’s export prices for railway products, sold
mostly by the largest producer, Interpipe (INTHOL), were USD 1,392/t in May,
which is 3% more m/m but 15% less yoy, according to Concorde Capital’s analysis
of State Statistics data.

The May prices are 2% below their 1Q21 average,
Concorde Capital’s calculations show. The April-May average price is 3% below
the 1Q21 average.

Dmytro Khoroshun: Prices might
drop about 4% m/m in June based on State customs service data.

The EBITDA (before reallocation from the steel
segment) of Interpipe’s railway product segment will drop substantially yoy in
2021, possibly by as much as 40-50%, we continue to expect.