However, the stock has seen an appreciation of around 30% since the start of the year and we are of the opinion that the stock is trading close to its fair value. Ferrexpo ( LON:FXPO ) Ferrexpo released a production update for Q2 2012 yesterday. Total pellet production increased 4.1% q-o-q to 2.41m tonnes. In H1 2012, total pellet production declined 1.3% y-o-y to 4.72m tonnes due to lower availability of third party concentrate. In Q2 2012, production of pellets from the company's raw material increased 2.1% q-o-q to 2.31m tonnes.