Fastmarkets’ chrome ore South Africa UG2 concentrates index, basis 42%, cif China
, fell for the fourth consecutive week to $131 per tonne on Tuesday, down by $2 per tonne (1.5%) from $133 per tonne the preceding week. The index has declined by $8 per tonne (5.8%) since November 3.
Market sentiment weakened after Tsingshan lowered its ferro-chrome tender price for December delivery
by 100 yuan ($15) per tonne from the previous month. As a result, buyers attempted to push ore prices downward with lower bids.
“A lot of miners are holding stock and the buyers are pushing the market down,” a trader said. “Some...