Fastmarkets’ chrome ore South Africa UG2 concentrates index basis 42%, cif China
was $137 per tonne on Tuesday September 8, up by $3 per tonne or 2.2% from $134 per tonne a week earlier.
Market sources reported liquidity around the current price levels after some buyers were willing to accept higher prices in the seaborne market because of the appreciation of the yuan, which meant buyers could absorb higher dollar prices.
“Although prices increased by $2 or $3 [per tonne], buyers could absorb it without losing out in their own currency,” a seller said.
Some producers were optimistic that prices would continue to rise with support from the stainless steel market, Fastmarkets heard.
“Our shipments for October are nearly sold out. Demand is good and we're confident we'll be able to conclude above $140 per tonne,” a producer said.