SteelPosted: Wed, 05 Apr 2006[miningmx.com] -- THE PRICE for...

Steel

Posted: Wed, 05 Apr 2006
[miningmx.com] -- THE PRICE for ferro-chrome between a top Japanese stainless steel maker and two key South African suppliers has been set at 75.25c a pound for April-June, up 7.25c from the previous quarter, Reuters reported.


The price rise, the largest since 2004, was the first since the same quarter last year and followed a 7% reduction to 68c for the first quarter, said the news wire.

Nippon Steel & Sumikin Stainless Steel Corp (NSSC) and the South African suppliers - Xstrata plc, the world's biggest producer, and Samancor Chrome, another major producer - conduct a review each quarter to set a term price for Japan, said the wire.

"Producers were calling for a double-digit increase due to rising spot prices backed by demand from Europe," said the wire, citing a NSSC official.

In response Xstrata suspended production at seven of its 16 furnaces, said Reuters.

In March, Xstrata said it was suspending two furnaces at Wonderkop, two at Rustenburg and one at Boshoek, in addition to the two already offline at Wonderkop.