The Chinese chrome ore merchants, especially those at Tianjin Port, are actively making offers however, the actual willingness to conclude any offers is low due to a confluence of factors. The Chinese Yuan depreciated against USD driving up the spot cost thus some merchants are just offering at the normal price with no intention to sell at a compromised price since the market price meet their expectation. Moreover, the market participants are optimistic about the near-term outlook as It is generally believed that there stands a high probability for rising Ferro Chrome prices next month, and chrome ore prices will also stand to gain a certain upward adjustment. Therefore, Ore holders especially those without much inventory in hand are reluctant to sell in large quantities.
The futures price stay at a high position and the positive gap between Chinese port price and overseas offers narrows down, leaving little profit for some merchants. Therefore, such merchants have little interest to sell. The recent purchases from the alloy factory is not that active. The retail price of HC ferrochrome has not been adjusted this month and before the release of a new round of tender prices, there is no substantial intention to purchase a large quantity of Ores. Consequently, lacking obvious driving force, the chrome ore market runs stable and market transactions are mostly seen in small batches for stock replenishing.
Today the overseas chrome ore closed at : RSA 40-42% concentrate at USD150-155 (bulk), USD140-145 (container), 42-44% concentrate at USD170-173 (bulk), USD160-165 (container), RSA 38% lumpy atUSD140-145, 40-42% ROM at USD165-170 (bulk), Turkey 46-48% concentrates at USD215-220, Turkey 40-42% lumpy at USD195-200, Iran 38-40% lumpy at USD170-175, Pakistan 40-42% lumpyat USD190-195, Albania 40-42% lumpy at USD220-225, Zimbabwe 46-48% concentrates at USD195-200, Zimbabwe 40-42% lumpy at USD170-175, Oman 34-36% lumpy at USD140-145, Madagascar 38-40% lumpy at USD165-170, Madagascar 46-48% concentrate at USD195-200 (USD / ton CIF).
Therefore, the entire chrome ore market has not experienced significant fluctuations, maintaining a stable price level.
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