Ferrexpo daily pellet output drops 4% m/m in May

Ukraine’s largest iron ore pellet exporter Ferrexpo (FXPO
LN) produced 946 kt of pellets in May, which amounts to 30.5 kt per day, or a
4.1% m/m decrease, according to Concorde Capital’s analysis of data reported by
Interfax-Ukraine on June 29.

In 5M20, Ferrexpo’s pellet output rose 6.4% yoy to
4.74 mmt, or 31.2 kt per day.

Dmytro Khoroshun: We are
upgrading our expectation for Ferrexpo’s 2020 production volume to 10.8-11.6
mmt (29.5-31.6 kt per day), or 3%-10% 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.