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Message: FERROCHROME Demand

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FERROCHROME Demand

posted on Jul 08, 09 08:04AM

Xstrata-Merafe Chrome Venture Lifts Output On Demand

djones

JOHANNESBURG -(Dow Jones)- Merafe Resources Ltd. (MRF.JO) Wednesday said its
chrome venture with Xstrata PLC (XTA.LN) has increased ferrochrome production to
60% of capacity in response to a rise in demand.

Several furnaces at the venture's five ferrochrome operations will be re-
commissioned, the South African company said.

The venture, which supplies about 20% of global ferrochrome needs, had been
operating just three of its 20 furnaces. In early May it reported production in
the first three months of 2009 was 76% lower than a year earlier.

The news buoyed Merafe's shares, which at 0805 GMT were trading 7.5% higher at
1 rand amid a slight decline in the wider market.

Merafe said it continuously monitors ferrochrome demand and will adjust
capacity accordingly.

European benchmark ferrochrome prices were settled at $0.89 a pound for the
third quarter of the year, an increase of 29% from the second quarter when
prices were set 13% lower at $0.69/pound.