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Jan.25.2022 1USD=6.3418RMB
  SteelHome >>Raw Material>>Market Info>>International Dynamics
Ferrexpo 4Q2021 Iron Ore Pellet Production Up 18% QoQ

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•      Quarterly iron ore pellet production increases 18% quarter on quarter to 3.1 million tonnes, reflecting the resumption of all four pelletiser lines following upgrade work in previous quarters.

•      Total full year production of iron ore pellets of 11.2 million tonnes in 2021, a result in line year on year, and includes disruptions during the year for pelletiser upgrade work.

•      100% of pellet production in 2021 comprised of high grade forms of iron ore (grading 65% Fe or above), with production of medium grade iron ore pellets phased out (2020: 99% high grade products).

•      Production of higher grade (67% Fe) direct reduction pellets increases by 27% to 431 thousand tonnes in 2021, representing 4% of total pellet production in 2021 (2020: 3% of total).

•      Total full year shipments of commercial concentrate of 234 thousand tonnes in 2021 (2020: 183 thousand tonnes). Production of commercial concentrate typically coincides with periods of pelletiser downtime and is primarily enabled by investment in the Groups concentrate stockyard project in 2020.

•      Total full year sales volume of 11.3 million tonnes, mirroring production for the year, and representing a 6% decrease year on year as a result of a stockpile drawdown process completed in 2020.

•      Group net cash position of approximately US$117 million as at 31 December 2021, increasing from a net cash position of US$4 million as at the end of 2020, with this balance sheet strength reflecting the Groups investments in high grade iron ore production and strong market demand for the Groups products. This operational and financial performance enabled the Group to announce on 22 December 2021 a further Interim Dividend of 6.6 US cents per Ordinary share.

•      In late December 2021 the Groups Board of Directors (Board) also announced the appointment of an additional Independent Non- executive Director, Natalie Polischuk, who increases the number of independent directors on the Board to five.

Jim North, Interim Group Chief Executive Officer, said:

Drawing 2021 to a close, we are proud to report a strong end to the year, with over three million tonnes of pellets produced in the final quarter, and achieving our target run rate for pellet production of over 12 million tonnes. With the successful completion of a number of pelletiser upgrades, we are now in a strong position to grow our production base in the year ahead, both in terms of production volumes and product grades, with a positive outlook ahead for premium grade iron ore pellets.

Thousand tonnes (kt), unless stated otherwise

Product Grade

4Q 2021

QoQ (vs. 3Q


YoY (vs. 4Q


12M 2021

YoY (vs. 12M


Total commercial production (pellets & commercial concentrate)







Total pellet production







Pellet production comprised of:







o Direct Reduction (DR) Pellets

67% Fe






o Ferrexpo Premium Pellets

65% Fe






o Ferrexpo Basic Pellets

62% Fe






Commercial concentrate production*

67% Fe






(* Please note that the Group produced and sold 183 thousand tonnes of commercial concentrate in 2020, which was not reflected in the comparison period columns for previous quarterly production reports in 2021, and the above table now accounts for this material in the comparator period columns. The Group also now defines commercial concentrate production as the tonnage sold in any given period, rather than shipments to the Groups berth. Commercial concentrate production this year was therefore 62kt, 89kt, 45kt and 39kt in 1Q, 2Q, 3Q and 4Q respectively.)

(To contact the reporter on this story: or 86-555-2238837 18725550282)
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