Ferrexpo daily pellet output plunges 21% m/m in March
7 April 2020
Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced 801 kt of pellets in March, which amounts to 25.8 kt per
day, a 20.8% m/m fall, according to Concorde Capital’s analysis of the
company’s 1Q20 production report released on Apr. 7.
In 1Q20, Ferrexpo’s pellet output amounted to 2.73 mmt
(29.9 kt per day), 7.4% more yoy.
Ferrexpo noted in its report that 1Q20 production was
not impacted by the coronavirus, adding that 1Q20 sales are expected at around
2.8 mmt, up from 2.6 mmt a year ago.
Dmytro Khoroshun: The March drop in Ferrexpo’s average daily production volume is
negative. We tentatively expect Ferrexpo’s 2020 production volume to be
10.5-11.5 mmt (28.7-31.4 kt per day), or up to 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.
