Higher processed tailing production in the 4Q by Iluka Resources drove a 9% beat in 2H production of zircon, rutile and synthetic rutile (SR), compared to Morgan Stanley's forecasts. Overall, the broker feels it was a balanced result.
Pricing guidance was weak for zircon, while rutile was in line with the broker's estimate, and SR guidance was a marginally miss.
While markets remain weak for zircon, the analysts points out low rutile inventories are a positive
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Sector: Materials.
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