UG2 chrome ore prices in China tick up on stronger yuan; some suppliers hold off for further gains

UG2 chrome ore prices continued to rise in the week to Friday January 17 after sellers reported higher bids due to a stronger yuan and market sources are eyeing stronger demand after the Chinese New Year holiday (January 24-30).

Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China edged up by $1 or 0.7% to $136 per tonne on Friday from $135 per tonne in the previous week.
The yuan strengthened to 6.86 against the dollar on January 17 from 7 to the dollar a month ago and this has incentivized dollar-based seaborne purchasing among Chinese buyers.

There were reports that traders attempted to acquire material at the previous week’s low prices but could not source...

Published

Jon Stibbs

Siyi Liu

January 20, 2020

12:10 GMT

London, Shanghai