Ferrexpo daily pellet output rebounds 26% m/m in August

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced 980 kt of pellets in August, which amounts to 31.6 kt per
day, or a 25.6% m/m jump, according to Concorde Capital’s analysis of data
reported by Interfax-Ukraine on Sept. 22.

In 8M20, Ferrexpo’s pellet output rose 4.0% yoy to
7.36 mmt, or 30.2 kt per day.

Dmytro Khoroshun: Ferrexpo’s
daily production rate rebounded strongly in August after three months of
declines, which is positive.

We maintain our expectations for Ferrexpo’s 2020
production volume at 10.5-11.2 mmt (28.7-30.6 kt per day), or up to 7% more
yoy. The latest production volume guidance from the company was for a 9.3% yoy increase to 11.5 mmt (31.4 kt
per day) in 2020.