European prices for ferrochrome, a key ingredient in stainless steel, have been agreed 4% lower than in the prior three-months, Merafe Resources said Friday.

The South African company, which produces ferrochrome in a joint venture with Xstrata PLC (XTA.LN), said the benchmark price was settled at $130 a pound from $1.36/lb in the second quarter.

The price was raised 35% for the second quarter as demand recovered after a fall of 2 cents in the first three months.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com
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