China UG2 chrome ore, alloy markets follow Nov tender lower

The chrome ore and alloy markets in China fell in the week to Tuesday November 10 in response to lower November ferro-chrome tender prices from major Chinese stainless steelmakers, sources told Fastmarkets.

Fastmarkets' chrome ore South Africa UG2 concentrates index, basis 42%, cif China edged down by $3 per tonne or 2.2% to $136 per tonne on Tuesday, from $139 per tonne the previous week.
Ferro-chrome producers are looking to procure again after a pause of several weeks in trading activity, Fastmarkets heard.
"When the market was on a downtrend, buyers held off from their purchases with expectations that prices would fall further. Subsequently, the news of the export tax on South African chrome ore has put everyone in a watchful stance," a trader source said. "Now it's time for them to come back to the market."

The proposed export tax has supported the UG2 chrome ore market in recent weeks,...

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