South Africa’s Merafe Resources announced the price to the Johannesburg Stock Exchange on Thursday March 29. Merafe is the joint venture partner with London-listed trader and mining company Glencore in ferro-chrome project Glencore-Merafe Chrome Venture.
The price is negotiated every quarter between a leading ferro-chrome producer and a major stainless steel consumer. The two sides of the market are usually represented by Glencore and Aperam respectively.
Bulls in control
A strong rise in the benchmark had been anticipated in response to rising costs for ferro-chrome producers.
The appreciation of the South African rand and increasing costs for suppliers, such as a rise in energy costs from...