StockMarketWire.com - Iron ore group Ferrexpo downgraded its production guidance, 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 10.4m tonnes to 10.6m tonnes compared to previous guidance of 10.6m tonnes,' the company said.

The company produced 2.5m tonnes of pellets in the third quarter, up 1.7% from a year earlier, but down 9.8% on the second-quarter.

The company said refurbishment of its final pellet line would begin on 28 October for about 55 days.

This included an upgrade to the travelling grate feeding the pellet line, which would further increase the line's productivity.

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