Metinvest iron ore concentrate output rises 3% m/m in November



19 декабря 2017 года
Конкорд Капитал

The attributable production of iron ore concentrate of Metinvest’s (METINV) subsidiaries amounted to 2.71 mmt in November, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 0.1% m/m increase, or a 3.5% m/m rise on a daily average basis. The holding’s pellet output was 636 kt in November, an 18.1% m/m drop (or a 15.5% m/m decline on a daily average basis).



Production at Inhulets Iron Ore rose 1.9% m/m in November to the daily production rate of 28.5 kt. Production at Northern Iron Ore climbed 6.9% m/m to 32.7 kt per day. Production at Central Iron Ore increased 3.3% m/m to 12.8 kt per day, whereas output at Southern Iron Ore declined 0.2% m/m to 35.9 kt per day.



In 11M17, Metinvest’s attributable output of iron ore concentrate dropped 5.5% yoy to 29.2 mmt.



Dmytro Khoroshun: Metinvest has offered investors yet another month of impressive iron ore production against the backdrop of a high volume of complaints about Ukrzaliznytsia’s railcar supply for Ukraine’s iron ore miners. It will be interesting to see by how much the holding boosts its production volumes due to the recently signed shipping agreement with Lemtrans, the acquisition of 1,800 railcars, and what they cost (in particular, what will Lemtrans' rates be compared to Ukrzaliznytsia’s, and railcar purchase price compared to the market price).



We continue to expect Metinvest will produce about 31.9 mmt of attributable iron ore in 2017, a 5% yoy decrease. And we are also keeping our neutral view on METINV Eurobonds.

Источник: Конкорд Капитал



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