LONDON The first-quarter
European benchmark price for charge and high-carbon ferrochrome
has risen 2.5 cents to $1.125 per pound.
Suppliers had expected a 5-cent
increase as a compromise between the demands of South African
producers and European stainless steel mills, which negotiate
the price every quarter.
South African producers had
asked for an increase of 10 cents, while mills called for a
rollover at $1.10 per pound, or even a reduction, market
Spot prices in Europe and China
have been rising in recent weeks on increased demand,
restocking, higher nickel prices and nervousness about South
African production cutbacks under power buyback deals.
Spot high-carbon ferrochrome prices rose to between 96 cents
and $1 per pound on a delivered basis in Europe from 95 to 98
cents per pound previously.
A version of this article was
first published by AMM sister publication Metal