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PrintAttributable ferrochrome production of 195,000 tonnes in the third quarter of 2012, reflected furnaces operating at 55% of capacity due to high winter electricity tariffs and furnace refurbishment programs being extended in response to soft market conditions. Volumes were 15% lower than the first nine months of 2011, mainly due to power buyback deals with Eskom, the South African electricity supplier, to counter electricity shortages.
Ferrochrome producers settled the average European benchmark price for the third quarter at USD 1.25 per pound, 7% lower than the second quarter price of USD 1.35 per pound. Despite continued high mining inflation and increased standing charges from idled capacity, a weakening South African rand compared to the US dollar will offer some support to margins. The fourth quarter European benchmark price was settled at USD 1.10 per pound.
Ferrochrome producers settled the average European benchmark price for the third quarter at USD 1.25 per pound, 7% lower than the second quarter price of USD 1.35 per pound. Despite continued high mining inflation and increased standing charges from idled capacity, a weakening South African rand compared to the US dollar will offer some support to margins. The fourth quarter European benchmark price was settled at USD 1.10 per pound.
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