Falling UG2 chrome ore prices in April have been partly caused by ferro-chrome smelters in China selling their raw material back to the market, sources told Fastmarkets.
Fastmarkets' UG2 chrome ore index, cif China, has dropped every week so far in April and stands at $169 per tonne as of Tuesday April 23, down from $186 per tonne on March 29. The smelters are understood to have bought too much material in recent months amid fears in China of a chrome supply squeeze. Prices in China for both UG2 chrome ore and charge chrome imported...