Tuesday, International Ferro Metals Limited (IFL.L), said that it has temporarily suspended production at its two ferrochrome-furnaces, in response to lowering demand. In addition, the integrated ferrochrome producer intends to immediately suspend sales in China, as ferrochrome market conditions there are worse than the rest of the world and prices too are significantly lower. IFL said that the suspension would bring forward the planned maintenance programme for the full year 2009 and that the maintenance costs for the furnace would be included in its operating budget.
The company assured that the ferrochrome sales would continue to be supplied from its inventory, which as of October 31 stood at 38,076 tonnes.
Further, IFL also affirmed the offtake agreements with JISCO and CMC Cometals were in place and provide for sales volumes of an 14,160 average tonnes per month, with a minimum term of a further five years and eight years respectively. The company said that the JISCO agreement provides for the European price to be determined depending on a minimum sales level being maintained in the relevant quarter, or else it would be determined by the lower price prevailing in Chinese market.
Commenting on the recent development, Managing Director, David Kovarsky said that the company's maintenance programme would enable the company to convert its ferrochrome stock to cash and defer production until a later point, when the company expects to take full advantage of declining input costs for coke, silicon and transport.
Currently, the stock is down 4.50 pence, trading at 11.75 pence on the London Stock Exchange.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.