Europe's benchmark ferro chrome price drops for Q1CY'24

Merafe, a major ferro chrome producer in South Africa, released the European benchmark prices at 144 cents/lb for Q1CY'24, marking a 5.9% (9 cents/lb) q-o-q decrease. Merafe, in collaboration with Glencore, reported a reduction in ferro chrome production from 0.28 mnt in Jan-Nov'22 to 0.22 mnt in the same period of 2023. This decline in production along with a subdued market, played a role in influencing the prices.