Xstrata Merafe JV chrome output in 9 months down by 47pct YoY
Friday, 23 Oct 2009
Reuters reported that South African ferrochrome producer Merafe Resources' output at its JV with Xstrata fell by 47% YoY in January to September 2009 period as compared with the same period last year.
Merafe said that ferrochrome production at the venture had dropped to 126,000 tonnes during the period due to the suspension of up to 80% of production capacity earlier this year following a slump in demand. It added that furnace production had been restored to 85% of total capacity after a rebound in demand.
Merafe said earlier this month that the European benchmark ferrochrome price had been settled at USD 1.03 per pound for the fourth quarter of 2009, up by 16% from the third quarter price of USD 0.89 per pound.
