JOHANNESBURG (miningweekly.com) − The European benchmark for ferrochrome has been set at $1.20/lb for the third quarter of 2011, South African ferrochrome miner Merafe Resources reported on Monday.

This is an 11% decrease from the previous quarter’s $1.35/lb, and 4% lower than first-quarter prices of $1.25/lb. The lower prices are mainly attributable to falling demand from stainless steel makers in the last few months.

JSE-listed Merafe operates a joint venture with Xstrata, which has a combined capacity of 1.98-million tons of ferrochrome a year.
 

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