Ferrexpo pellet output drops 1.5% yoy in 3M18
5 April 2018
Pellet production at iron ore miner and pellet
producer Ferrexpo (FXPO LN, FXPOLN) slid 1.5% yoy to 2,585 kt in 3M18, the
company reported in a quarterly trading update published on Apr. 5.
Ferrexpo also disclosed that in 2Q18, pellet line No.
1 will be down for refurbishment for approximately 65 days.
Dmytro Khoroshun: We
calculate that in March, Ferrexpo’s daily output was 29.4 kt, up 6.6% m/m. We
expect Ferrexpo to produce 10.5-10.9 mmt of pellets in 2018, resulting in 29-30
kt per day and a 1-4% yoy gain. We retain our neutral view on FXPOLN Eurobonds.
