Ferrexpo lowers FY guidance as Q3 production falls

Pellet production at Ferrexpo fell 9.8% in the third quarter as the iron ore company said full year output would be in the range of 10.4m – 10.6m tonnes compared with previous guidance of 10.6m "given the current environment".

Nine-month total pellet production rose 1.7% year on year to 7.8m tonnes. High quality 65% FE pellet output rose 4.2% to 7.58m tonnes. Third quarter production came in at 2.4m tonnes from 2.7m in the previous three months.

The company said on Tuesday that refurbishment of its final pellet line would start on October 28 for about 55 days, including an upgrade to the travelling grate feeding the pellet line which should further increase the line's productivity.