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Iron ore group Ferrexpo downgraded its production, blaming the current market environment as pellet output in third-quarter output rose just 1.7%.
'Given the current market environment, Ferrexpo's full year production will likely be in the range of 10.4MT to 10.6MT compared to previous guidance of 10.6MT,' the company said.
This comes as the company produced 2.5MT pellets in the third quarter, up 1.7% from a year earlier, but down 9.8% on the second-quarter output. ?
The company said refurbishment of its final pellet line would begin on 28 Oct for approximately 55 days. This included an upgrade to the travelling grate feeding the pellet line which should further increase the line's productivity, it added.