In a similar vein to the market situation in March, inventory levels remain high, but MBR is starting to see the fundamental balance improve - especially in the ferro-chrome market. Further smelter closures in South Africa reduced supply and supporting prices, with 02 2012 contract prices at higher prices across the board.Until there are clearer signs of a continued economic recovery in the USA, MBR doesnot expect significant shifts in prices. In the presence of greater-than-expected demand in the USA, sentiment elsewhere is likely to be lifted that could induce buying activity and push prices higher in the Eurozone. This is reliant upon no further disruptions and unexpected events in the debt crisis. The economic situation in Germany is improving and these improvements should help strengthen the wider Eurozone bloc.
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