Global ferro-chrome stockpiles have increased significantly since the start of the year and presently we estimate that global stockpiles are currently at about 14 weeks of consumption compared to 10 weeks in the prior quarter. China's ferro-alloy output rose by 6.5% in May to 2.26m tonnes and we expect that lower demand on account of scheduled maintenance by Chinese stainless steel producers has resulted in a supply overhang. We have even been notified of two instances in June whereby Chinese stainless steel producers were turning away ferro-chrome at the ports.
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