I interpreted the second word as ferric i.e. made of or concerning iron, and my headcanon is that the literal meaning is being able to smell rust; implying either:
- this place/ship is a s***hole *
- that moisture has got into the guts of your ship and has started corroding it. **
It certainly sounds more like ferric to me; novel writers aren't always fully appraised of all the lore of a screen production, so I'd think the only authoritative source as to spelling is the script. Is this what they meant? Unanswerable with the information I've been able to find.
* Given Mandalorians' religious reverence for equipment maintenance, this is an especially scornful notion for them
** This is substantially worse news than it would be in a land or seagoing vehicle because 1) you have a leak from something inside the ship and 2) it'll keep getting worse until your hull breaches.