Following a strong fourth quarter, the chrome market has taken its first hit in 2017, showing its first sign of weakness in several weeks.
Prices for Chinese charge chrome imports tumbled to $1.20 per lb cif Shanghai, a drop of 11.1% from $1.35 at the close of 2016, according to Metal Bulletin.
The steep drop comes as Chinese mills cut domestic ferro-chrome purchasing prices for January, leading overseas suppliers to similarly cut offers to China.
Metal Bulletin's latest assessment for Chinese high-carbon ferro-chrome was 10,100-10,395 yuan ($1,457-1,500) per tonne on January 6, down from 10,100-10,400 yuan per tonne a week earlier and 10,300-11,000 yuan per tonne on December 23.
Indian suppliers were seen as primarily responsible for the lower offers into China over that time.
Despite the lower prices in China, US spot prices for high-carbon ferro-chrome held steadily at $1.50-1.55 per lb in-warehouse Pittsburgh on January 5, according to Metal Bulletin's most recent assessment.
Prices surged leading up...
