“We expect customers to delay purchases and de-stock inventories, which has in the past weighed on industry pricing discipline,” investment bank Jefferies said in a research note on Wednesday June 14.
The bank has reduced its estimate for the third quarter European ferro-chrome benchmark to $1.20 per lb, down from an earlier estimate of $1.40 per lb.
Jefferies expects the European fourth quarter benchmark to fall further, to $1.10 per lb.
Metal Bulletin's ferro-chrome benchmark indicator suggests that the price would be $1.15 per lb, if settled on June 9.
Metal Bulletin’s weekly base price assessment for 2mm, grade-304 cold-rolled (CR)...