South African energy provider Eskom Holdings Ltd. said it needs a $3.75-billion loan from the World Bank to meet its power generation requirements.

The announcement is another indication that the possibility of expanding ferrochrome operations in South Africa may still be years away, even though demand and prices are on the rise.

High-carbon ferrochrome in the U.S. spot market is in a range of $1.30 to $1.35 per pound, up about 48 percent from the beginning of the year.

World stainless steel production...