GLOBAL CHROME WRAP: UG2 prices slide after four-week rally; China alloys stable

UG2 chrome ore prices broke their four-week rally after the depreciation of the Chinese yuan raised purchasing costs for the country’s importers.

UG2 chrome ore prices down by $1 per tonne in China Domestic, imported ferro-chrome prices hold in China Low-carbon ferro-chrome prices halt their decline in Europe High-carbon ferro-chrome prices unchanged in Europe US high-carbon ferro-chrome market rebounds slightly UG2 chrome ore prices slipped in China on Friday August 9, breaking a four-week rally amid cooling sentiment and a weaker Chinese yuan. Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China dropped by $1 per tonne week on week to $155 per tonne on August 9. The depreciation of the yuan against the US dollar has pushed up import costs for Chinese buyers, dampening purchasing appetite across various commodities, according to market participants. “The increase in ore prices we have recently seen has run out of steam. The market has paused in response to the depreciation in the yuan,” a trader told Fastmarkets. The exchange rate weakened to 7.1 yuan to...

Published

Janie Davies

Chris Kavanagh

Jon Stibbs

Nikki Ni

August 13, 2019

04:11 GMT

London, New York, Shanghai