Ferrexpo daily pellet output jumps 7% m/m in November

Ukraine’s largest
iron ore pellet exporter Ferrexpo (FXPO LN, FXPOLN) produced 931 kt of pellets
in November, which amounts to a daily amount of 31.0 kt, a 7.0% m/m increase.
Ferrexpo’s 11M17 pellet production amounted to 9.48 mmt, a 6.6% yoy drop.

Dmytro Khoroshun: We continue
to expect Ferrexpo’s full-year production to reach 10.4 mmt,
or a 7.0% yoy decline. We retain our neutral view on FXPOLN Eurobonds.