News of the proposed export tax
saw Fastmarkets’ chrome ore South Africa UG2 concentrates index, basis 42%, cif China
, settle at $136 per tonne on Tuesday, up by $1 per tonne from $135 per tonne in the preceding week when the price fell by $4 per tonne, or 2.9%.
“We had expected further price fall [before] the news [of the chrome ore export tax],” a buyer source said. “It is hard to [judge how] the market [might] be supported, but at least the bearishness has been offset.”
However, liquidity was light, with some market participants preferring to stay away from the market in anticipation of higher prices in the future.