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UG2 chrome ore prices weakened in China on Friday after seven consecutive weekly increases, amid thin buying interest from domestic ferro-chrome smelters.
Fastmarkets’ UG2 chrome ore index, cif China, fell by $6 week on week to $180 per tonne.
Chinese ferro-chrome smelters cited sufficient inventory as the reason for not restocking ore.
“There is no need for us to restock because our cargoes, purchased in early February, have arrived at ports and could meet our immediate production needs. It is not the right time to place orders when we believe the price will fall in the near future,” a Chinese ferro-chrome smelter told Fastmarkets.
Many chrome ore traders held back from offering due to limited inquiries but they...