Ferrexpo daily pellet output rebounded 16% m/m in April

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced 960 kt of pellets in April, which amounts to 32.0 kt per
day, or 16.2% more m/m, according to Concorde Capital’s analysis of the data
reported June 10 by Interfax-Ukraine.

In 4M21, Ferrexpo’s pellet output slid 0.2% yoy to
3.67 mmt, or 30.6 kt per day.

Dmytro Khoroshun: Ferrexpo’s
output will likely drop to 25-27 kt per day for a few weeks in May-June because
of its planned pelletizer upgrades.

Ferrexpo’s daily production rate will rise to 33-34
kt in 2H21, resulting in Ferrexpo’s 2021 production volume of 11.7-12.0 mmt
(31.9-32.8 kt per day), or 4-7% more yoy, we expect.