The LME has reportedly shelved the proposal to trade ferrochrome, according to people I talked to after Glencore won its argument to keep the commodity off the exchange. European and Asian consumers liked the benchmark system, while other ferrochrome producers didn’t like the idea of having pricing transferred to an independent third-party. The buyers using the benchmark were the big winners, a friend told me. “The European stainless mills are the only ones making money on chrome, certainly not the producers. They buy the ferrochrome at a huge discount to the benchmark price–20-30%– but base their surcharges on the benchmark without any discounts. The ferrochrome smelters would love those margins.” This would be the second time the exchange dropped plans to trade ferrochrome.