Ukraine: Ferrexpo suspends two pelletising lines over delayed VAT refunds

Ukraine’s Ferrexpo has halted operations on two pelletising lines amid ongoing delays in receiving value-added tax (VAT) refunds on its exports. The company’s pellet production had declined in Q1CY’25 due to the suspension of VAT refunds that tightened liquidity, along with high input costs. In Q1CY’25, Ferrexpo produced 1.35 mnt of pellets, marking a 10% q-o-q drop from 1.5 mnt in Q4CY’24.