Reuters reported that International Ferro Metals reported a wider full year loss, hurt by lower ferrochrome sales volumes and a strengthening rand.

For the year to end June, IFM's loss widened to ZAR 214 million from ZAR 157 million.

Revenue rose 10% to ZAR 1.58 billion, helped by ore sales of ZAR179 million.

Its sales of ferrochrome fell by 2% to 186,963 tonnes while production fell about 3% to 194,869 tonnes.

It said “The rise of stainless steel production, especially in China, is inevitable. Consequently demand for ferrochrome should resume a favorable upward trajectory eventually.”

(Sourced from Reuters)