Railway product prices rise 3% m/m in November for Ukraine exports

20 January 2021

Ukraine export prices for railway products sold mostly by Ukraine’s largest producer Interpipe (INTHOL) were USD 1,406/t in November 2020, up 3% m/m and 34% less yoy, according to Concorde Capital's analysis of State Statistics data released on Jan. 19.

 

The November prices are 34% below their December 2019 peak and 2% above their 3Q20 average level, according to Concorde Capital calculations.

 

Dmytro Khoroshun: Interpipe’s railway product prices might inch up qoq in 4Q20 after peaking in 4Q19 and falling qoq for three quarters.

 

The stabilization of the prices, together with a steady railway product sales volume (14.2 kt per month in October-November, 1% less than the monthly average for 3Q20), might result in 4Q20 revenue and EBITDA (before reallocation from its steel segment) of Interpipe’s railway product segment being similar to those in 3Q20 (USD 64 mln and USD 29 mln, respectively), save for year-end one-off adjustments.