- Ferrexpo total pellet production rose to 2.8m tonnes in the fourth quarter - up 12% on the previous three months - but full year output fell by 6.8% to 10.4m tonnes.

The group said the fall in full year production reflected planned pelletiser maintenance.

Production of high quality 65% Fe pellets represented 95% of total production levels compared to 94% in 2016.

2017 sales totalled approximately 10.4m tonnes compared with 11.7m in 2016 due to production levels but the average received price in 2017 increased significantly compared to 2016, reflecting a 22% increase in the average 62% Fe iron ore fines price and a notable increase in the pellet premium due to strong demand for high quality iron ore products including pellet.

The full year average 2017 cash cost of production was approximately US$33 per tonne compared with US$29 per tonne in 2016 due to higher commodity prices impacting input costs, local inflation and lower production levels.

At 9:19am: [LON:FXPO] Ferrexpo PLC share price was +4.8p at 303.9p

Story provided by