Ferrexpo daily pellet output drops 18% m/m in September

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced 774 kt of pellets in September, which amounts to 25.8 kt per
day, an 18.4% m/m drop, according to Concorde Capital’s analysis of the company’s
3Q20 production report released on Oct. 6.

In 9M20, Ferrexpo’s pellet output amounted to 8.13 mmt
(29.7 kt per day), or 3.1% more yoy.

Ferrexpo noted in its report that a planned pelletizer
maintenance in early September resulted in a reduction of its production
volumes.

Dmytro Khoroshun: We are
lowering our expectations for Ferrexpo’s 2020 production volume to 10.5-11.0
mmt (28.7-30.1 kt per day), or up to 5% more yoy.