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 sources said.
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 Bulletin.