Metinvest steel prices steady last week
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.