Turkey's Etimet reduces ferro-chrome output by 50pc
Turkish low-carbon ferro-chrome producer Eti Elektrometalurji has reduced its output in response to low demand caused by the Covid-19 pandemic.
Etimet, Turkey's only large low-carbon ferro-chrome producer, reduced its output by 50pc at the beginning of May to an annualised production rate of around 18,000-20,000t. This compares with annual production of 36,000t when operating at full capacity.
"In order to avoid needless competition for market share, we decided to reduce our output," Etimet said. "We are an integrated producer and do not face import charges for Europe, so we can be flexible with our costs. Our aim is to produce around 30,000t this year, but it depends on market conditions."
Demand for low-carbon ferro-chrome has been falling for the past two years because of the availability of better quality high-carbon alloy and lower steel production in the EU.
Argus' low-carbon ferro-chrome assessment fell to its lowest point since May 2008 on 30 April at $1.30-1.40/lb ddp Europe, amid intense competition for sales between Russian, Chinese and Kazakh producers. It has since increased slightly to $1.34-1.44/lb ddp because of potential additional steel safeguard measures in the EU and an increase in buying interest.
By Thomas Kavanagh
source: Argus Media
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
