TEX update on Japanese ferrochrome supply demand in Q1 2012

Upon review of ferrochrome supply and demand in Japan during the Q1 (January to March) of 2012, details of which are as per the table attached hereto, it is found that, compared to the Q1 of 2011, production of crude stainless steel was down 8.8% from 771,300 tonnes to 703,500 tonnes, although

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