The benchmark contract prices for HC ferrochrome for the second quarter of 2021 that South African ferrochrome producers confirmed with European and Japanese stainless steel mills were USD1.56/lb Cr and USD1.64/lb Cr respectively, up by USD0.38/lb Cr MoM and USD0.42/lb Cr YoY. The MoM and YoY growth both exceeded 30%.

The price rise was resulted from a recovery in ferrochrome demand and higher production cost caused by increasing electricity prices in South Africa.