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The UG2 chrome ore market lost its upward traction due to falling demand after previous purchasing activity against weakened portside prices and rising inventories at ports. The imported charge chrome market softened amid an absence of liquidity; buyers showed some resistance to higher existing offers citing lower domestic prices.
Falling demand reverses UG2 chrome ore price rally
A six-week price rally in the UG2 chrome ore market since late June was reversed in the week to Tuesday August 17, mainly due to falling demand for material from both the seaborne and portside markets.
Fastmarkets’ calculation of the chrome ore, South Africa UG2 concentrates index, basis 42%, cif China, nudged down by $2 per tonne to $182 per tonne on August 17, from $184 per tonne one week earlier.
The index had risen for six weeks in a row from $158 per tonne on June 29 to $184 per tonne on August 10, a total gain of $26 per tonne (16.46%).
“The rise of previous weeks seems to be slowing down. The uncertainty surrounding the outbreak of Covid-19 is probably starting to have an effect, resulting in slower demand – especially in Asia,” a chrome ore producer said.
Market participants on both buy and sell sides told Fastmarkets that it was hard to conclude sales at the previous price, due to falling demand after earlier purchases.
Source: Fastmarket
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