South African miners reported a fresh wave of buying interest for chrome ore, prompting higher prices.
UG2 chrome ore prices rise in China.Chinese alloy prices underpinned by chrome ore strength.Charge chrome prices hold in China.European high carbon ferro-chrome prices under pressure, while low carbon ticks up.US spot market inactive, prices stable.
UG2 chrome ore prices surged on Friday January 10 after South African increased sales volumes.
Fastmarkets' South Africa UG2 concentrates index, basis 42%, cif China rose to $135 per tonne on January 10 from $133 per tonne in the previous week.
The increase did not come as a surprise to the market given the appreciation of the South African rand, costs and higher freight costs, sources said.
"We decided to restock given the current reasonable price," a trader source said.
The run-up to Chinese New Year has also prompted some buyers to lock in prices today, a producer source told Fastmarkets....