The UG2 chrome ore market rose in the week ended Tuesday June 1 after buyers' confidence was buoyed following the higher-than-expected ferro-chrome tender prices for June, while cost pressure continued to support producers' offer prices.
Fastmarkets'
chrome ore South Africa UG2 concentrates index basis 42%, cif China rose by $2 per tonne (1.3%) to $157 per tonne on Tuesday, from $155 per tonne the preceding week.
Although no deals were confirmed, market sentiment has strengthened by higher-than-expected June ferro-chrome tender prices released by major stainless steel mills.
The
latest high-carbon ferro-chrome tender prices released by Tisco and Baosteel on Friday May 28 were 7,250 yuan ($1,136) and 7,445 yuan per tonne respectively, slightly down from the 7,300 yuan per tonne and 7,495 yuan per tonne offered for May. Despite these slight dips, market participants had widely expected the lower tender and possible supply interruptions remain in the market.
These levels were still deemed to be profitable ferro-chrome prices and will encourage...