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Hopes fade for ferro-chrome benchmark increase

July 24, 2014 - 17:30 GMT Location: London

KEYWORDS: steel-making raw materials

An increase in the third-quarter charge and high-carbon ferro-chrome benchmark is looking less likely as European consumers bemoan the gap between European and Chinese prices, market participants told Metal Bulletin.

The second-quarter ferro-chrome benchmark settled up 4 cents to $1.22 per lb, while spot prices are at $1.05-1.10 per lb, delivered Europe.  The price for South African charge chrome into China is at 81 cents per lb, cif Shanghai.  The benchmark settlement is negotiated every quarter by a large South African ferro-chrome producer and a large European consumer. In recent quarters it has been settled by ferro-chrome producer Glencore Xstrata and Luxembourg-based stainless steel mill Aperam. The number is expected to be announced by next week, possibly even this week. Throughout this latest round of negotiations, Aperam has been insisting on a reduction, while Glencore has been asking for a rise. Aperam opened the discussions asking...

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