Fundamentals, macro pressures offset lira boost for Turkish chrome ore producers - sources

High chrome ore stocks and dampened demand are weighing on chrome ore producers in Turkey who are also battling growing inflation, market participants told Metal Bulletin.

The depreciation of the Turkish lira can be expected to have a bearish impact on chrome ore prices in the near term, according to market participants.
“Sentiment is bad for chrome ore and the slide in the Turkish lira is making Chinese hold back from buying or trying to lower their prices but [I] believe the majority of Turkish miner costs are dollarized, so there won't be much of a saving,” a trader told Metal Bulletin.
Metal Bulletin’s Turkish lumpy chrome ore price quotation was assessed at $230-240 per tonne on Friday August 17, stable week on week.
The price of Turkish lumpy into China had been steadily falling for the previous four weeks. It had peaked at $340-350 per tonne on March 30, 2018. 

Metal Bulletin assessed UG2...

Published

Anna Xu

Jon Stibbs

August 21, 2018

17:20 GMT

London