Glencore’s 2018 ferro-alloys earnings, production boosted
Date: Feb 21, 2019
Glencore has reported modest increases in ferro-alloys earnings and production for 2018, underpinned by a stellar stainless steel market.
Earnings before interest, tax, appreciation and amortization at the trader-miner’s ferro-alloys division rose 2% year on year to $670 million, the company said on Wednesday February 20.
Ferro-chrome production reached 1.59 million tonnes, up 3% year on year.
Glencore reported an average cobalt price of 90 cents per lb for 2018, down from $1.01 per lb in 2017, citing Fastmarkets’ charge chrome index, cif Shanghai.
The index stood at 81 cents per lb on Wednesday.
“In 2018, ferro-chrome demand was underpinned by a strong stainless steel market, for which global production is estimated to have grown by 6% year over year,” Glencore said.
