Suppliers cut offers for chrome ore amid weak demand
Chinese spot alloy prices flat in thin trading
Alloy supply tightens in Europe
US price maintains range on absent spot demand
The UG2 chrome ore index dropped by 4% week on week in China on Friday November 1 after suppliers cut their offers in response to recent stagnant demand.
Fastmarkets’ chrome ore, South Africa UG2 concentrates index, basis 42%, cif China dropped to $143 per tonne on Friday from $149 per tonne previously and for the third consecutive week.
Meanwhile, Fastmarkets’ weekly assessment for chrome ore Turkish lumpy 40-42%, cfr main Chinese ports dropped by $5 to $195-205 per tonne on Friday.
Even after launching lower offers, overseas suppliers struggled to entice Chinese buyers’ who favored locally...