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...