Ferrexpo increases pellet output 11.5% yoy in 9M13
4 October 2013
Ferrexpo (FXPO LN), the leading Ukrainian iron ore pellet exporter, ramped up its pellet production 11.5% to 7.98 mmt in 9M13, the Interfax news agency reported on October 3. Monthly pellet output inched up 1% m/m to 900 kt.
Roman Topolyuk: The published numbers are preliminary and have yet to be confirmed in the quarterly production results scheduled for October 8. The released figures imply output of 2.7 mmt pellets in 3Q13, which is 1% higher qoq. This suggests that the concentrate yield may have improved at Poltava Mine, but hasn’t yet been restored to normal levels due to the processing of lower grade ore. That said, we project pellets output at 10.8 mmt in 2013 (+12% yoy), also factoring the ongoing ramp up of Yeristovo mine.
