UG2 chrome ore prices rise in China
Spot domestic ferro-chrome prices edge up in China
Alloy prices hold up in Japan, South Korea
Alloy prices inch higher in Europe
US prices stable amid inactivity.
UG2 chrome ore prices jumped in China on Friday February 22 amid a wave of restocking by domestic ferro-chrome smelters, Fastmarkets has heard.
Fastmarkets’ UG2 chrome ore index, 42%, cif China, rose by $4 per tonne week on week to $166 per tonne on February 22.
“You can get cash quickly selling to China and for good volumes,” a chrome ore producer told Fastmarkets.
Resumed buying interest among smelters was prompted by the resumption of stainless steel production after the Lunar New Year holiday in early February, widely observed across East Asia.
“We believe that the price will continue to move up in the coming week,” a trader told Fastmarkets. “The resumed production at mills will stimulate more demand for...