Chinese markets still reacting negatively to lower November tenders
Alloy prices hold in Japan
South Korean alloy prices inch lower
European price drop on plentiful Indian supply
US ferro-chrome price firms
Chrome ore and ferro-chrome prices softened on Friday November 2 due to deteriorating sentiment following the announcement of lower alloy tender prices from leading mills.
Fastmarkets’ UG2 chrome ore index, cif China, dropped $3 per tonne to $169 per tonne on Friday.
“We did not conclude any deals [last] week and we did not even offer because the prevailing prices are a bit low for us,” a chrome ore trader told Fastmarkets.
Chrome ore inventories at major ports rose to around 2.91 million tonnes in the week ended November 2 from 2.82 million tonnes the week prior, due to thin buying interest from domestic smelters, Fastmarkets understands.
Fastmarkets’ price quotation for Chinese spot domestic ferro-chrome...