The modest upside we expected in fourth Market Outlook quarter charge chrome contracts in Europe and Japan failed to materialise making 2013 a year of little change. Contract prices remained at $1.125/lb throughout the year, except for the deviation upward in the second quarter to $1.270/lb. Nevertheless, we were right to record last month that sentiment, as indicated by rising prices in the spot markets of late, notably in the USA, has been improving but we doubt that contracts can gain momentum in the first quarter. The far more significant, Chinese spot market, has barely budged since late July and until it follows other markets upwards, contracts may rollover once again.
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