The European benchmark ferrochrome price has been settled at 92 cents/lb for the first quarter of 2016, an 11.5% decrease from 104 cents/lb in Q4 2015, South African producer Merafe Resources said Wednesday.
In Q1 2015 the benchmark price was settled at 108 cents/lb. The Q1 2016 figure marks the first time the price has slipped below $1/lb since 2009.
Merafe has a 20.5% stake in the Glencore-Merafe Chrome Venture in South Africa -- the world's largest ferrochrome producer -- with the rest held by Glencore.
Merafe's attributable ferrochrome production from its stake in the Glencore-Merafe Chrome Venture was 277,000 mt in the first nine months of 2015.
