Ferrexpo daily pellet output drops 5% m/m in April
23 May 2018
Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN, FXPOLN) produced 836 kt of pellets in April, which amounts to a rate
of 27.9 kt per day, a 5.1% m/m decrease, Interfax-Ukraine reported on May 23.
During 4M18, Ferrexpo’s pellet output amounted to 3.42
mmt, a 1.4% yoy increase.
Dmytro Khoroshun: We expect Ferrexpo to produce 10.5-10.9 mmt of pellets in 2018,
resulting in 29-30 kt per day and a 1-4% yoy gain. We retain our neutral view
on FXPOLN Eurobonds.
