Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China
rose to $155 per tonne on Friday, up by $3 per tonne (2%) from $152 per tonne in the previous assessment.
A number of deals were concluded around the new index levels, both above and below, with offers and some second-hand deals reported between the new index level and up to $160 per tonne, sources said.
Some ferro-chrome producers who mainly rely on long-term contracts are now in a rush to replenish their low stocks after major miners including Glencore and Tharisa declared force majeure due to South Africa’s Covid-19 lockdown
, market participants told Fastmarkets.
“Those with low stocks had to accept the higher offers,” a buyer said, adding that the lowered portside stocks and limited availability of new material...