Ferrexpo daily pellet output slid 1% m/m in January
4 March 2021
Ukraine’s largest
iron ore pellet exporter Ferrexpo (FXPO LN) produced about 1,050 kt of pellets
in January, which amounts to 33.9 kt per day, or 0.8% less m/m, according to
Concorde Capital’s analysis of the data reported March 3 by Interfax-Ukraine.
Ferrexpo’s January output was up 7.5% yoy, we calculate.
Dmytro Khoroshun: Ferrexpo’s daily production rate
remained largely stable m/m at a solid level in January, which is positive.
In 1H21, the company
is planning to upgrade one of its four pelletizers, and its daily production
rate might drop to about 25 kt for several weeks during the upgrade.
The upcoming March
17 announcement of Ferrexpo’s 2020 results might shed more light on the
company’s maintenance shutdown and production plans. The company might also
declare a final dividend for 2020 of up to 13.2 USc per share prior to or on
March 17, we expect.
We tentatively expect Ferrexpo’s 2021 production volume at 11.7-12.0 mmt
(32.0-32.9 kt per day), or 4-7% more yoy.
