Ferrexpo daily pellet output drops 15% m/m in November

Ukraine’s largest iron ore pellet exporter Ferrexpo (FXPO
LN) produced 802 kt of pellets in November, which amounts to 26.7 kt per day, a
15.4% m/m decrease, according to our analysis of data reported by
Interfax-Ukraine on Dec. 18.

In 11M19, Ferrexpo’s pellet output amounted to 9.67
mmt (29.0 kt per day), flat yoy.

Dmytro Khoroshun: Ferrexpo’s
daily production rate in November was higher than the 25 kt per day that we expected
because of the planned 55-day major refurbishment of one of its four pellet
lines that was supposed to start on Oct. 28.

We expect Ferrexpo’s 2019 production volume to be
10.4-10.5 mmt, or 1-2% lower yoy.