Ferrexpo daily pellet output drops 6% m/m in June
7 July 2020
Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced 860 kt of pellets in June, which amounts to 28.7 kt per day,
a 6.1% m/m drop, according to Concorde Capital’s analysis of the company’s 2Q20
production report released on June 7.
In 1H20, Ferrexpo’s pellet output amounted to 5.6 mmt
(30.8 kt per day), 4.6% more yoy.
Ferrexpo noted in its report that the coronavirus has
had only a minimal impact on its operations, adding that 1H20 sales volumes
were 6.1 mmt, advancing about 21% y/y in a reflection of destocking.
Dmytro Khoroshun: We maintain our expectation for Ferrexpo’s 2020 production volume at
10.8-11.5 mmt (29.5-31.3 kt per day), or 3-9% more yoy. The recent production
volume guidance from the company was for a 9.3% yoy increase to 11.5 mmt (31.4 kt
per day) in 2020.
