UG2 chrome ore prices up on improved buyer sentiment

The UG2 chrome ore market ticked up for the first time since March of this year in response to increased buyer interest over the week to Tuesday May 11, sources said.

Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China price assessment was $150 per tonne on May 11, a rise of $1 (0.67%) from $149 per tonne a week earlier.
"The number of inquiries we received was the highest for three months," a chrome ore seller said. "Market fundamentals haven't really changed but market sentiment strengthened due to the bullish downstream steel sector and concerns over seaborne shipments amid volatile freight rates."
Similarly, the portside chrome ore market also firmed on renewed demand from smelters, sources said.

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