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AlbanianMinerals sees ferrochrome prices rising by 20pct 2011
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Tuesday, 11 Jan 2011
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Ferrochrome production is falling in South Africa due to reduced operating capacity, higher energy costs and labor problems. Ferrochrome producers worldwide settled benchmark price at USD 1.25 to USD 135 per pound.

Mr Mujaj president of AlbanianMinerals said that "Steel ingredient ferrochrome will test new high prices in 2011 as production fails to keep pace with a jump in global demand for steel. The current stockpiles of Ferrochrome in China, Europe, Japan, US and Russia are too low to fill the gap."

Rising prices of oil and coal is affecting prices for steel, Iron ore, ferrochrome and chrome ore for production and transportation.

Iron ore and chrome ore prices are expected to rise as winter will affect chrome ore mining in Albaniae, Turkey, India and Russia and Kazakhstan.

Prices of steel and ferrochrome will go up due to Jump in demand in China, India, Turkey, Brazil and Germany and the Chinese government’s power rationing policy to meet its energy saving target which began at the beginning of September.

AlbanianMinerals expect steel prices to rise by 20% in 2011. The rise in oil, coal, raw material and freight rates generally drive metal prices upwards.

Steel demand is expected to pick this year and into the next year. AlbanianMinerals expected that steel prices will rise and demand will resumes through this year, iron ore, chrome ore and ferrochrome prices will increase by 20% to 25 % in 2011.

(Sourced from www.prlog.org)

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