The settlement represents a reduction of 4 cents compared with the second quarter of the year.

Metal Bulletin reported on June 18 that the widely-anticipated price reduction would be smaller than early estimates, due to rising spot ferro-chrome prices in Europe and China.

Metal Bulletin's price quotation for high-carbon ferro-chrome, delivered in Europe, stands at $1.32-1.45 per lb, stable week on week since rising from $1.29-1.41 per lb on June 15. By comparison, the quotation had been at $1.15-1.35 per lb on June 16, 2017.

Metal Bulletin's charge chrome index, cif Shanghai, rose 2 cents to 99 cents per lb on June 22. A year ago, the index stood at 85 cents per lb.

The ferro-chrome benchmark is negotiated quarterly by a leading South African ferro-chrome producer and major European stainless steel mill.