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MMK Trading Update for Q3 & 9M of 2020

Steel News - Published on Wed, 14 Oct 2020

Image Source: MMK
Russian steel maker MMK Group reported that pig iron output in July-September 2020 increased by 13.9% QoQ to 2,379 thousand tonnes, driven by the recovery in steel demand and the completion of a major overhaul of Blast Furnace No 2. Steel output was up 22.2% QoQ at 2,882 thousand tonnes due to business activity recovery and the launch of Hot-Rolling Mill 2500 in July after scheduled reconstruction completed in Q2. MMK Group’s total sales of finished products amounted to 2,742 thousand tonnes, up 23.3% QoQ. MMK Group’s sales of HVA products totalled 1,341 thousand tonnes, up 16.5% QoQ. The share of HVA products in total sales amounted to 48.9%. The increase in sales of HVA products in Q3 was driven by business activity recovery in Russia and the seasonal rise in demand for rolled products used in construction. MMK Coal’s coal concentrate production totalled 721 thousand tonnes, up 4.9% QoQ due to higher yields for coking coal and stronger demand for concentrate at MMK.

Pig iron output in 9M 2020 decreased by 7.9% YoY to 6,823 thousand tonnes due to a longer period of scheduled maintenance at blast furnace facilities amid the coronavirus pandemic. Steel output was down 12.0% YoY to 8,263 thousand tonnes, due to a lower consumption of steel during the scheduled reconstruction of Hot-Rolling Mill 2500 and a slowdown in business activity in Q2 2020 due to the pandemic outbreak. MMK Group’s total sales of finished products fell by 9.7% YoY to 7,710 thousand tonnes. HVA product sales dropped by 9.1% YoY to 3,800 thousand tonnes. The share of HVA products in total sales decreased marginally to 49.3%. Coal concentrate output in 9M 2020 amounted to 2,222 thousand tonnes, up by 17.4% YoY, due to the completion of a beneficiation plant upgrade, which took place throughout 2019.

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Posted By : Yogender Pancholi on Wed, 14 Oct 2020
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