Ferrexpo (TP 156p, E/W) has released data on pellets output for January: output was 761 kt, up 49% y-o-y and down 1.5% m-o-m. The company was producing at full capacity, implying annualized output of 9.1 mln t in 2010, or an increase of 5% y-o-y. The company still produces a small portion of its pellets from third-party concentrate, suggesting its own resource base is limited at the moment.