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.

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