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Ferrexpo Q3 output lifted by strong Chinese demand
(Sharecast News) - Mining giant Ferrexpo reported a modest rise in third-quarter output on Monday, as strong Chinese demand for high-grade concentrate helped offset reduced pellet production amid liquidity constraints. Total commercial production rose 3.3% quarter-on-quarter to 1.51m tonnes, though it remained 29% below Q1 levels. Pellet output fell 22.3% to 639,963 tonnes, while concentrate volumes surged 36.1% to 871,323 tonnes, driven by demand for low-alumina 67% Fe material.
The FTSE 250-listed group said VAT refund suspensions in Ukraine had forced it to operate just one pellet line, with $47m in withheld refunds to date, potentially rising to $58m. Ferrexpo continued to cut costs, with 20% of staff on furlough or reduced hours and non-essential spending suspended.
Nine-month production was broadly flat year-on-year at 5.07m tonnes, with concentrate output up nearly fourfold. Ferrexp also noted ongoing logistical challenges from intensified aerial attacks on Ukraine's rail and energy infrastructure.
Reporting by Iain Gilbert at Sharecast.com
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