Ferrexpo daily pellet output jumped 39% m/m in October

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced 1,035 kt of pellets in October, which amounts to 33.4 kt per
day, or 38.5% more m/m, according to Concorde Capital’s analysis of the data
reported Nov. 25 by Interfax-Ukraine.

In 10M21, Ferrexpo’s pellet output inched up 0.1% yoy
to 9.19 mmt, or 30.2 kt per day.

Dmytro Khoroshun: Ferrexpo’s
daily production rates will be at least around 33-34 kt in the coming months,
we expect.

We are maintaining for now our estimate for
Ferrexpo’s 2021 pellet production volume at 11.2 mmt (30.7 kt per day,
unchanged yoy).