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Merafe settles European benchmark Q3 ferrochrome price 11% lower than Q2


South Africa's Merafe Resources said Friday that it has settled the ferrochrome price for the July-September quarter -- viewed as a benchmark in Europe -- at 112.5 cents/lb with major European stainless steel producers, down 11% from 127 cents/lb in the second quarter.

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The quarter-on-quarter decrease was widely expected by the market as the global stainless steel market -- the largest consumer of ferrochrome -- remains lacklustre.

Merafe has a 20.5% stake in Glencore-Merafe Chrome Venture, the world's largest ferrochrome producer, with the rest held by Glencore Xstrata.

--Vivian Teo,
--Edited by Deepa Vijiyasingam,