UG2 chrome ore market down on cautious buying

The chrome ore market declined for a third consecutive week on Friday June 26 on inconsistent trading activity, while a number of participants opted to wait on the sidelines for more clarity over the direction of business opportunities, sources said.

Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China was $160 per tonne on Friday, down by $5 per tonne or 3% from $165 per tonne a week earlier.
The index had rallied between April and early June, rising 49% from $114 per tonne to $170 per tonne on June 5, prior to the back swing in recent weeks after trading activity slowed down.

“Nobody is willing to accept any deal at $165 [per tonne] as we have ample availability,” a buyer said. “Portside prices are weakening and there is no need to buy from the seaborne market...

Published

Davide Ghilotti

Siyi Liu

June 29, 2020

14:00 GMT

London, Shanghai