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On September 23, Merafe Resources Limited, South Africa, a joint venture partner for Glencore -Merafe Chrome Venture announced on its home page that the benchmark price of South African charge chrome meant for Europe for shipments from October to December in 2014 was settled at US Cents 115.0 per lb. This price represents a decrease of US Cents 4 versus the prior quarter (a decrease of 3.4% ditto).

Albeit the previous price negotiation (July - September) was a long-term negotiation delayed until the end of next month, this time's negotiation was settled in a short term of around one week from the commencement of negotiation, and the price was cut for 2 consecutive quarters.

For a reference, the change in recent benchmark prices meant for Europe was <> January - March in 2013: US Cents 112.5 (up by US Cents 2.5 from the prior quarter), <> April - June: US Cents 127 (up by US Cents 14.5 ditto), <> July - September: US Cents 112.5 (down by US Cents 14.5 ditto), <> October - December: US Cents 112.5 (unchanged ditto), <> January - March in 2014: US Cents 118.0 (up by US Cents 5.5 ditto), <> April - June : US Cents 122.0 (up by US Cents 4.0), <> July - September: US Cents 119.0 (down by US Cents 3.0) and <> October - December: US Cents 115.0 (down by US Cents 4.0).

• [Editor:Sophie]