The European second-quarter benchmark charge chrome contract price, much as expected, increased $0.20/lb to $1.35/lb on the back of even further power related ferro-chrome furnace closures in South Africa. The validity of the benchmark price in the future has been questioned given the uncertainty of who should lead the buy-side negotiations. In the USA, spot prices are steady for the time being but we believe increases are likelyglobally in coming weeks as long as the stainless market does not weaken in the face of falling nickel prices and the DLA does not begin selling high-carbon ferro-chrome again. Prices have already started to creep up for low-carbon ferro-chrome and could go even higher in the coming weeks.
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