Northern, Central Iron Ore increase pellet production by 7-8% yoy in 5M12

6 июня 2012 года
Конкорд Капитал

Центральный ГОК (CGOK), Северный ГОК (SGOK)

Northern Iron Ore (SGOK UK) increased pellet output by 10% mom to 970 kt, while Central Iron Ore (CGOK UK) boosted pellet production by 84% mom to 200 kt in May, according to Interfax. Northern and Central Iron Ore manufactured 4.6 mmt of pellets (+7% yoy) and 0.9 mmt (+8% yoy), respectively, in 5M12.

Roman Topolyuk: The steep increase by Central Iron Ore can be attributed to the relaunch of a pelletizing facility after repairs. Northern Iron Ore, meanwhile, is operating all four of its installed pelletizing plants. Based on its 5M12 output, Northern Iron Ore appears slightly ahead of our 2012 projected target of 10.4 mmt of pellets, while Central Iron Ore looks like it will finish close to our forecast of 2.2 mmt. Full capacity load will benefit both iron ore producers’ financials. Moreover, they are selling their pellets at only a 7% yoy lower average price (USD 127/t on average in 5M12), while the global spot average price for pellets has declined more steeply, by 16% yoy in 5M12 to USD 170/t (CFR, China).

Источник: Конкорд Капитал

Аналитик: Роман Тополюк


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