Ferrexpo plc pellet production up 5% in Q2 CY20

Ferrexpo plc, third largest exporter of pellet in the global market has released its Q2 CY20 results yesterday. The company recorded pellet production at 2.9 mn t in Q2 CY20, up 5% as compared to 2.7 mn t in Q1 CY20.

On a half yearly basis too, output picked up 5% in H1CY20 at 5.6 mn t as compared to 5.4 mn t in H1 CY19. As per company reports, the impact of COVID-19 remains minimal on the company's operations.

High grade pellet production up 7% in Q2CY20

Out of the total 2.9 mn t pellets produced in Q2CY20, 2.85 mn t of pellets were of high grade ore i.e 65% Fe pellet, up 7% as compared to 2.65 mn t in Q1 CY20. The output picked up 7% in the first half of CY20 at 5.50 mn t as against 5.14 mn t in H1 CY19.

The total pellet sales increased by 21% destocking in H1 CY20 at 6.1 mn t as against 5 mn t in H1CY19.

Ferrexpo is the 3rd largest pellet exporter to global industry with a market share of around 8.5%. The company's supplier base includes Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey and Vietnam.