Metinvest steel prices rose last week

24 January 2022

Ukraine FOB prices for the types of iron and steel products exported by Metinvest (METINV), Ukraine’s largest producer, rose during Jan. 14 – 21, 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 4% w/w to USD 513/t on Jan. 21, 19% below their 2Q21 high of USD 635/t on June 18.

 

Billet prices jumped 4% w/w to USD 635/t on Jan. 21, 14% below their 2Q21 high of USD 735/t on May 14.

 

Slab prices increased 2% w/w to USD 630/t on Jan. 21, 34% below their 2Q21 high of USD 950/t on May 28.

 

HRC prices inched up 1% w/w to USD 785/t on Jan. 21, 28% below their 2Q21 high of USD 1,095/t on May 21.

 

Dmytro Khoroshun: High costs are supporting steel prices, but it is not yet certain that a bottom has been reached.

 

Potential stimulus moves from China might support the markets if directed in part toward steel-consuming industries and if net steel exports from China do not increase.

 

Metinvest’s monthly EBITDA will amount to USD 300-500 mln in November-December, we expect.

 

We maintain our neutral view on METINV bonds.

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