Ukraine: Ferrexpo's pellet production falls by 10% q-o-q in Q1CY'25

• Ukraine's Ferrexpo recorded pellet output of 1.35 mnt in Q1CY'25, down 10% from 1.5 mnt in Q4CY'24. The decline was driven by suspension of VAT refunds, which constrained liquidity, and elevated input costs that limited full-scale operations.
• However, total iron ore concentrate production volumes surged by 193% to 777,718 t in Q1CY'25 against 265,700 t in Q4CY'24 owing to strong demand from Asia for high-grade concentrate.