European quarterly FeCr benchmark to be discontinued – Merafe: newsbreak

The quarterly European ferro-chrome benchmark price will be discontinued with effect from June this year, Merafe Resources said on Monday May 20

The ferro-chrome lumpy Cr charge quarterly, basis 52% Cr (and high carbon), delivered Europe is a long-running forward-looking price covering the forthcoming quarter.

It is negotiated quarterly by a leading South African ferro-chrome supplier and a major European stainless steel mill – usually Glencore and Aperam respectively.

Merafe operates a joint-venture chrome project with Glencore.

Glencore has a 79.5% stake in the Glencore-Merafe Chrome Venture in South Africa and Merafe announces the settlement to the Johannesburg Stock Exchange every quarter.

The benchmark price for the second quarter was announced on March 25 at $1.52 per lb Cr, up 5.56% against the previous quarter.

Fastmarkets publishes a weekly calculation of its ferro-chrome lumpy Cr benchmark indicator, charge basis 52% (and high carbon), Europe. As of the most recent calculation on Tuesday May 14, it stood at $1.43 per lb.

The indicator is calculated using Fastmarkets’ weekly price assessments for ferro-chrome 50% Cr import, cif main Chinese ports and ferro-chrome high carbon 6-8.5% C, basis 60-64.9% Cr, max 3% Si, cif Europe.

It forecasts the benchmark at any given point as if it had been finalized that day.

Fastmarkets also publishes weekly price assessments for ferro-chrome 50% Cr, delivered Europe. The latest assessment stood at $1.18-1.28 per lb Cr on May 14.

Fastmarkets’ weekly assessment of the price of ferro-chrome 50% Cr import, cif main Chinese ports was $1 per lb contained Cr on May 14.

Its weekly assessment of the price of ferro-chrome 50% Cr import, cif Indonesia was $1.04-1.08 per lb on May 16.

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