Fastmarkets’ chrome ore South Africa UG2 concentrates index, basis 42%, cif China
, was $134 per tonne on Tuesday, down by $2 per tonne (1.5%) from $136 per tonne a week earlier.
“The decrease in ferro-chrome tender pricing
, coupled with a wave of new offers from South African ore suppliers, has taken the wind out of the sails of the market, and has led Chinese ferrochrome smelters to continue putting downward pressure on forward ore pricing,” a trader said.
But there was an expectation among some in the market that prices would not fall much lower because a rise in the value of the South African rand has cut into the profitability of the country’s miners.
“The rand is still supporting the market so the price won’t go much lower, especially...