Ferrexpo Total Pellet Output Rose 21.1% Compared To 1Q 2009
14 Juli 2009 - 8:41AM
Dow Jones News
Ferrexpo PLC (FXPO.LN), resources Group with assets in Ukraine,
said Tuesday that total pellet production rose by 21.1% compared to
the first quarter, and by 3.8% compared to the equivalent quarter
last year, the group traded profitably in the first half of
2009.
MAIN FACTS:
- Ferrexpo produced at full mining capacity throughout the
second quarter 2009
-Higher grade 65% iron ore pellet output increased by 4.3% in
the first half of 2009 compared to the same period last year
-Sales volume in the first half exceeded production during the
period
-Production costs continue to trend downwards
-Continued high levels of spot sales to China exposed Ferrexpo
to higher freight rates
-Gradual improvement in demand over the first half of the year
in Traditional markets and Ukraine
-Freight rates from the Black Sea to China did put pressure on
the average achieved DAF/FOB prices during the period, but this is
likely to prove a temporary phenomenon.
-The outlook for iron ore is improving for the next quarter,
particularly in the traditional markets, which will reduce reliance
on the Asian seaborne spot market to some degree
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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