GLOBAL CHROME WRAP: UG2 prices climb in China amid currency moves

The stronger currencies of China and South Africa pushed prices of UG2 chrome ore higher last week.

UG2 chrome ore tick up alongside stronger yuan and rand Alloy prices hold steady in China Alloy prices weaken in Japan and South Korea  European price range widens  Alloy prices climb in US UG2 chrome ore prices rose in China on Friday February 1 due to the strengthening of the yuan and the rand. Fastmarkets’ UG2 chrome ore index, cif China rose $3 to $161 per tonne on Friday. “Some suppliers have raised their offer prices since last week in response to the stronger yuan,” a trader told Fastmarkets. The strengthening of the yuan to 6.73 against the dollar on February 1 from 6.87 one month ago has incentivized dollar-based seaborne purchasing among Chinese buyers while the stronger rand means South African producers have to raise their offer prices when selling in dollars to earn the same in rand. “The movement in the rand is hurting...

Published

Janie Davies

Susan Zou

Karen Ng

Jon Stibbs

February 04, 2019

18:58 GMT

London, Shanghai, Singapore