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   You are here :     Moneycontrol     MMB    Stocks      HDFC                         Most active discussions of 2006 , 2007 & 2008
Q3 Ch Chrome Contracts Settled at $2.05 (1)   02-Jul-08 01:21Tracked by (0)  
Posted by:   sanjay397 on ( 02-Jul-08 01:21 )
Price : BSE: Rs 8.95 ( -4.99 % )
Yes Epi, this is really a good news. Q3 price increased by around 6%, still a good price increase, at least enough for all us to continue holding HCFC shares in these turbulent times. Complete story here,
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Eurasian Slumps After Chrome Rises Less Than Expected (Update1)

By Carli Lourens

July 1 (Bloomberg) -- Eurasian Natural Resources Corp., the second-best performer on the Dow Jones 600 Index this year, fell the most since its London initial public offering in December after ferrochrome price accords missed analyst estimates.

The world's third-largest producer of the stainless steelmaking ingredient dropped 12 percent after larger rival Samancor Chrome Ltd. said European benchmark third-quarter prices rose from the preceding three months by a ``disappointing'' 6.8 percent to $2.05 a pound. Competing producers International Ferro Metals Ltd. and Merafe Resources Ltd. also declined.

``The news has been taken badly by the market which has been ignoring some of the signs we have seen that to our mind show steel raw materials markets are peaking,'' Michael Rawlinson, head of mining, resources and energy, at Liberum Capital Ltd. in London, wrote today in a note. Analysts predicted third-quarter prices of $2.20-2.30 a pound, he said.

While ferrochrome almost doubled in the past year, according to spot prices tracked by Metal Bulletin, demand for stainless steel has softened. Consumption growth in China, the world's biggest producer of the material, eased as projects for the summer's Olympic Games are completed and the leasing and sale of offices in major cities slows, Jinchuan Group Ltd. said June 3.

ENRC dropped 158 pence to 1,175 pence on the London Stock Exchange, after earlier trading as low as 1,165 pence. The stock has advanced 84 percent this year, valuing the company at 15.1 billion pounds ($30.1 billion). International Ferro slid 8.8 percent in London and Merafe declined 12 percent in Johannesburg.

`Weak' Demand

``Stainless-steel demand is weak at the moment, but in the medium and long term, I don't see any problem,'' Samancor Chairman Danko Konchar said today in a phone interview. The company, part of closely held Kermas Group, was among ferrochrome producers that yesterday agreed to sell to German steelmaker ThyssenKrupp AG at $2.05 a pound, he said. Konchar said last month Samancor wanted a 30 percent increase.

There is ``destocking'' of stainless steel, where consumers are using up inventories instead of buying new supplies, David Kovarsky, managing director of Sydney-based International Ferro, said in a phone interview. ``That's not an indication demand for stainless steel is tapering off.''

Posco, Asia's largest maker of stainless steel, said in April that demand for stainless-steel products should pick up in the second half.

Other ingredients used by steelmakers have jumped. Iron ore has risen as much as 97 percent from 2007 and coking coal has tripled.

Switzerland's Xstrata Plc, which has a joint venture in South Africa with Merafe, is the world's largest ferrochrome producer. South Africa, where a power shortage has crimped ferrochrome production and expansion plans, accounts for more than half of world production.
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