IFL sales soar as ferrochrome demand picks up

27th Apr 2010 12:00

Improvement in the ferrochrome markets helped International Ferro Metals (IFL) post sharp rises in sales and production in the first quarter.The company, which has processing operations in South Africa, produced 53,394 tonnes of ferrochrome in the three months to March 31, a 48% rise from the previous year. Sales climbed by 76% to 64,063 tonnes.Ferrochrome prices rose to $1.36 a pound from $1.01 between the two periods.'Stable and improving market conditions resulted in a healthy price increase and good sales growth during the quarter,' said chief executive David Kovarsky.He said demand for ferrochrome has increased over the quarter in line with an improvement in stainless steel demand.'IFL expects this trend to continue as demand from the USA and Europe continues to improve,' the company said.