GLOBAL CHROME WRAP: Ore prices react negatively to alloy tender price rollover

The rollover of ferro-chrome tender prices from China’s leading stainless steel mills dented sentiment in the chrome market this past week, putting downward pressure on ore prices.

Ore prices drop below $150 per tonne in China Alloy prices hold in China Alloy prices edge up in Japan, South Korea European alloy prices stable US alloy market static Chrome ore prices dropped in China on Friday September 13 after lower-than-expected alloy tender prices from stainless steel mills knocked market sentiment further, dampening demand and forcing suppliers to cut offers to secure business. Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China dropped to $149 per tonne on September 13, down by $6 per tonne week on week. “There is huge pressure on the smelters, who can’t make profits even at these ore prices,” an ore producer told Fastmarkets. Of China’s leading mills, Tisco raised its September tender price for ferro-chrome by 50 yuan ($7) per tonne to 6,100 yuan per tonne, while Tsingshan and Baosteel rolled theirs over at 6,296 yuan...

Published

Janie Davies

Chris Kavanagh

Susan Zou

Jon Stibbs

September 17, 2019

06:38 GMT

Shanghai, London, New York