Ferrexpo daily pellet output inches up 1% m/m in November

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) produced around 980 kt of pellets in November, which amounts to 32.7
kt per day, or 1.3% more m/m, according to Concorde Capital’s analysis of data
reported by Interfax-Ukraine on Dec. 24.

In 11M20, Ferrexpo’s pellet output rose 5.0% yoy to
10.16 mmt, or 30.3 kt per day.

Dmytro Khoroshun: Ferrexpo’s
daily production rate remained stable m/m at a solid level in November
(following sharp drops to 25 kt in July
and 26 kt in September), which is
positive.

We are narrowing our expectations for Ferrexpo’s
2020 production volume to 10.9-11.2 mmt (29.9-30.5 kt per day), or 4-6% more
yoy.