GLOBAL CHROME WRAP: Ore prices jump on nickel, stainless steel strength

Chrome ore prices responded to strength further downstream amid rising nickel prices and bullish sentiment around stainless steel.

  • Chrome ore prices jump $5/t
  • Alloy prices flat in China, producers poised to raise offers
  • Alloy prices slide in Japan, hold in South Korea
  • European alloy market holds
  • US prices tumble under pressure from weak global markets

Chrome ore prices rebounded on Friday July 19 due to a boost from stronger stainless steel and nickel markets.
Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China, rose by $5 per tonne, or 3.5%, to $146 per tonne on July 19.
“I’ve definitely seen an increase in inquiries for ore in the past 10 days,” a trader told Fastmarkets.
The uptick marks a significant change in sentiment after a sharp cut in July tender prices by Chinese mills two weeks ago.

“While I'm not sure [how long] the increase will last because the fundamentals are still quite negative, I do sense traders feel the market is...

Published

Janie Davies

Chris Kavanagh

Jon Stibbs

Nikki Ni

July 23, 2019

08:12 GMT

New York, London, Shanghai