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Ferrexpo daily pellet output rises 5% m/m in September

Ferrexpo daily pellet output rises 5% m/m in September

9 October 2018

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN, FXPOLN) produced 880 kt of pellets in September, which amounts to
29.3 kt per day, a 4.8% m/m increase, according to our analysis of the
company’s 3Q18 production report released on Oct. 9.

 

Ferrexpo noted in its report that its 3Q18 production
volume, 2.66 mmt, improved 6% q/q as a result of its successful completion of a
pellet line refurbishment in 2Q18.

 

In 9M18, Ferrexpo’s pellet output amounted to 7.76
mmt, a 1.3% yoy increase.

 

Dmytro Khoroshun: We expect
Ferrexpo to produce 10.5-10.7 mmt of pellets in 2018, resulting in around 29 kt
per day and a gain of up to 2% yoy. We retain our neutral view on FXPOLN
Eurobonds.

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