Given the continued weak global demand for stainless steel, it is not surprising that spot ferro-chrome prices continue to edge down. All the uncertainty about the global economy amid continuing fears about contagion from the European sovereign debt crisis and the slowdown of production in China is weighing heavy on the stainless steel and ferro-chrome sectors and we expect that it will continue to do so at least through the rest of this year and possibly into early in the first quarter of 2012. The recent fire sale of ferro-chrome inventories by some traders is reportedly at or near its end. Amid the current softness, there is not the same feeling of doom as there was in late 2008. Therefore, we believe that we could see ferro-chrome prices inch up again late in the Q1 or early Q2 of next year.
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