GLOBAL CHROME WRAP: Softening demand, ample supply continue to weigh on Chinese, European markets

Chrome ore and alloys prices fell further in China in the week ended Friday June 14 with sentiment remaining bearish.

Chinese ore and alloy prices down European high- and low-carbon ferro-chrome prices drop Japan and South Korea alloy prices unchanged US alloys prices stable UG2 chrome ore prices in China weakened for the sixth consecutive week amid weak buying interest and bearish sentiment feeding expectations of further price falls. Fastmarkets’ UG2 chrome ore index, cif China, fell by $3 per tonne week on week to $147 per tonne on June 14. This is the lowest since the index stood at $138 per tonne on June 16, 2017. Many Chinese ferro-chrome smelters remained wary of restocking amid expectations of a cut in the July ferro-chrome tender prices by three major domestic stainless steel mills, according to market sources. “Smelters do not dare to place any orders right now and wish to push ore prices down further to squeeze some room for profits,” a market source told Fastmarkets. Many sources expected a drop of 200-300 yuan...

Published

Janie Davies

Chris Kavanagh

Karen Ng

Jon Stibbs

Amy Lv

June 18, 2019

04:08 GMT

London, Singapore, Shanghai, New York