ENRC Says Ferrochrome to Rise as Steel Demand Returns
15:46, 22 August 2009
LONDON. august 22. KAZINFORM Eurasian Natural Resources Corp., a producer of steelmaking raw materials in Kazakhstan, said the price of ferrochrome will rise next quarter after losing more than half its value in the past year as customers boost orders, Kazinform cites Bloomberg.
The company, which curbed output after the global economic slowdown in the first quarter, also returned to full capacity at mines and smelters in the central Asian nation because of the improved demand, Chief Executive Officer Johannes Sittard said in an interview on Bloomberg Television. Ferrochrome is used to produce stainless steel, while iron ore is used to make steel.
"We have seen a substantial improvement" in ferrochrome demand in the third quarter, Sittard said. "Demand has been driven by China, but more lately in the last few months we see an improvement in order intake from other regions like Europe and the U.S", Kazinform refers to Bloomberg.
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