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Iofina sees output at lower of guidance amid softer demand, prices; Q3 production up
StockMarketWire.com
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Iodine explorer and producer Iofina said it was on track to report output at the lower end of guidance even as production increased in the third quarter of the year. The company also said it had seen iodine demand and prices soften recently amid the impact of the pandemic.
For the third quarter, the company produced 170.8 metric tonnes crystalline iodine versus 167.3 MT in the same period in 2019.
Iofina now sees iodine prices for large quantities in the $33-to-35/kg on the spot market, still above the price range of around $32/kg for the same period last year, the company said.
'The outlook for iodine prices and demand is likely to be directly related to the rate of the global economic recovery,' it added.
Looking ahead, the company said it was on track to achieve the lower end of its 340-360 MT H2 forecast. The company had produced 455MT of crystalline iodine in the nine months to 30 September 2020.
At 8:34am: (LON:IOF) Iofina PLC share price was -1.8p at 13.25p
Story provided by StockMarketWire.com
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