Rising freight rates offset the benefit of a 3.5% increase in chrome ore prices in terms of producer sales in the week to Friday July 19, market sources told Fastmarkets.
Chrome ore prices jumped on Friday amid rising nickel prices and stronger sentiment around the stainless steel market. Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China, rose by $5 per tonne, or 3.5%, to $146 per tonne last week. Meanwhile, freight rates for commodities including chrome ore and manganese ore have risen as much as 38% since the beginning...