Ferrexpo daily pellet output drops 6% m/m in February
16 March 2018
Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN, FXPOLN) produced 771 kt of pellets in February, Interfax-Ukraine
reported on March 15. This amounts to a rate of 27.5 kt per day, a 5.7% m/m
decrease. During 2M18, Ferrexpo’s pellet output amounted to 1.68 mmt, a 3.8%
yoy drop.
Dmytro Khoroshun: 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.
