Pelleted products, when tested often come back with very high iron figures because of the cutting, chopping, extruding process using metal blades and iron oxide in the clay binders used to make pellets. The real question is whether this is a particularly bioavailable form of iron for the horse and the general consensus, when compared to other forms of iron, is that it is not.
Use of Farrier's Formula or other similar products is a common recommendation when people either can't or won't have a custom supplement made.