| |
| Merafe says output up at SAfrica JV with Xstrata |
|
| Code:MFN002771 Prpduct:Ferro Chrome Date: 2010-07-28 |
South African ferrochrome producer Merafe Resources said on Tuesday first-half production at its joint venture with Xstrata rose by 149 percent, pushing its share price up.
Shares of Merafe, the world's largest producer of ferrochrome, were up 2.96 percent at 1.39 rand in early Johannesburg trade at 0740 GMT on Tuesday compared with a 0.19 percent stronger All-Share index.
The Johannesburg Stock Exchange, JSE later halted trade in cash equities due to a technical problem.
Xstrata said in a separate statement the 149 percent ferrochrome production increase at the JV amounted to 608,000 tonnes.
Global demand for ferrochrome, used in stainless steel to prevent corrosion, slumped during the economic crisis, forcing companies in South Africa, the top producer of the metal to cut output.
A rebound in ferrochrome demand following gradual recovery in the world economy has pushed the price up.
Merafe said the strengthening of the rand against the U.S. dollar, coupled with the power tariff increases in South Africa enabled ferrochrome producers to achieve a 35 percent increase in the European benchmark ferrochrome price of $1.36 per pound during the first half of the year.
The company said early this month the European benchmark ferrochrome price was settled at $1.30 per pound for the third quarter of this year, a decrease of 4 percent from the second quarter price. |
| |
|
|
|
|
|
|
|
| 08 Sep 2010 | | | Cash Ask | 3M Ask |
|---|
| Copper | 7620.00 | 7635.00 |
| Aluminium | 2120.50 | 2150.00 |
| Zinc | 2170.00 | 2197.00 |
| Lead | 2151.00 | 2179.00 |
| Nickel | 22450.00 | 22400.00 |
| Tin | 20980.00 | 21075.00 |
| Al.Alloy | 2230.00 | 2130.00 |
| NASAAC | 2081.00 | 2110.00 |
| Steel Billet | 506.00 | 527.00 |
| Cobalt | 41000.00 | 40700.00 |
| Molybdenum | 35300.00 | 36000.00 |
|
|
 |
|
|
|
|
2010-09-09 |
|
| PRODUCT |
BID
(US$/TON) |
ASK
(US$/TON) |
2B Coil-OCT |
3,300 |
3,380 |
No.1 Coil-OCT |
3,120 |
3,200 |
2B Coil-DEC |
3,300 |
3,380 |
No.1 Coil-DEC |
3,120 |
3,200 |
|
|
|
|
|
|
|
MetalFirst China Average:
US$16.025/lb
As of Sept. 3, 2010
(updated weekly)
MetalFirst Average:
US$16.00/lb
As of Sept. 3, 2010
(updated twice weekly)
|
|
|
|
