The term price for ferrochrome to Japan for the October-December quarter has been agreed at USD 1.28 per pound, unchanged from the previous quarter.

The agreement was in line with expectations following European price talks. South Africa's Merafe Resources Ltd said last week the European benchmark ferrochrome price has been settled at USD 1.20 per pound for the fourth quarter, also flat from the third quarter.

The official at Nippon Steel & Sumikin Stainless Steel Corp said the company had reached a decision with major South African suppliers, which initially called for a price hike, arguing that a rise in their currency and higher electricity bills and other prices had worsened their profits.

He said “But we insisted we're not in a position to accept a price hike as the demand side is overshadowed by fears of a slowdown in the global economy.”

The October-December price is 10 cents lower than USD 1.38 per pound a year earlier.

(Sourced from Reuters)