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[ferro-alloys.com]

  The benchmark price of ferrochrome in Europe in the first quarter of 2021 will be set at $1.175 per pound, up 3.1% compared with the fourth quarter this year. Before the adjustment, the price was stable for three consecutive quarters.

  The benchmark price was announced today by Glencore's partner, South African mining company Merafe, after consultating with a major European stainless steel producer.

  This year, the benchmark price system has aroused a widespread controversy, and many traders believe that the trend of high-carbon ferrochrome prices in European market and the low content of furnace charge ferrochrome cannot synchronise with the trend of market. However, with demand rising and supply tightening at the beginning of the year, spot price of ferrochrome in Europe has rebounded. Argus' 60% chromium content of high-carbon ferrochrome yesterday was assessed at $0.85-0.94/pound duty paid, up from the fourth quarter benchmark $0.74-0.86/pound, which was announced on September 18.

  However, market participants believe that the weakness of the South African rand against the US dollar may offset the potential gains after the benchmark rise in the first quarter of 2021.

  The fourth quarter was a turbulent one for ferrochrome market, and some traders were surprised to confirm the next year’s first quarter benchmark price, given delays in benchmark pricing in the past few quarters. The South African government's proposal in October to impose an export tax on chrome ore drew criticism from several companies and industry groups on the grounds that it could not successfully help domestic ferrochrome plants. The bigger challenge that they may face is the high electricity prices of state-owned utility Eskom. South Africa's energy ministry last week drew up a framework allowing individual companies to negotiate lower electricity prices if they are negatively affected by high costs. It remains to be seen whether South Africa will eventually impose chrome an export tax and how this will affect market.

  Demand for stainless steel has risen in the past quarter, and key consumer industries such as car manufacturers are struggling to rebound from the recession caused by the epidemic. About 77% of the world's ferrochrome is used in the stainless steel industry, a large part of which is usually exported to China. TISCO announced earlier that it would increase stainless steel production with the rising domestic consumption. Demand in Europe will also improve in the fourth quarter, especially in Germany, where steel mills are expected to continue production during Christmas holiday.

  After epidemic blockade in South Africa was lifted, the production of South African mining industry has been resumed, and the production of ferrochrome in South Africa has also increased recently. On September 30, GLENCORE (CHINA) LIMITED, one of the country's leading ferrochrome producers, said four of the five smelters were already in operation, and production of ferrochrome in the fourth quarter was expected to double from the third quarter.

• [Editor:Catherine Ren]