Core Viewpoint - Afarak Group SE reported a mixed performance in Q3 2025, with increased production in the specialty segment but a significant decline in overall mining activity due to the sale of the Zeerust mine and reduced operations in South Africa [1][3]. Production Summary - Specialty Alloys production increased by 28.3% in Q3 2025 compared to Q3 2024, reaching 23,952 metric tons [4]. - Processing volumes rose by 41.3% year-over-year in Q3 2025, totaling 6,039 metric tons [4]. - Mining output decreased by 51.4% in Q3 2025 compared to the same period last year, primarily due to reduced activity in South Africa [3][6]. - South African mining activity dropped by 67.9% year-over-year, while Turkish mining increased by 24.4% [6]. Market Outlook - Demand for chromium ore remains strong in China, driven by reduced production from major South African ferro-chrome producers, leading to higher exports and increased ferro-chrome production in China [5]. - Cr Ore prices in China improved during Q3 2025, with gradual recovery in global market prices for both high and low carbon ferrochrome [6].