Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China plunged by $18 per tonne, or 11.8%, to $134 per tonne on July 17 from $152 per tonne the preceding week.
The move indicated mounting pressure on South African sellers, who had not reported significant sales in the past few weeks. The market had been subdued by ample stock levels at ports, according to market participants.
Fastmarkets assessed chrome ore inventories at the main Chinese ports of Tianjin, Qinzhou, Lianyungang and Shanghai at 3.45-3.57 million tonnes on Monday July 20, up by 5.2% from 3.19-3.48 million tonnes a week earlier.
Consumers said there had been ample availability of ore in inventories despite levels being on a downward trend from 3.81-4.32 million tonnes on April 27, 2020.
“It is mainly the considerably high stocks...