Chrome ore offers move up briskly again

BEIJING (Asian Metal) 6 Mar 07 – While strong demand and tight supply have driven chrome ore prices upward continuously during the past four months in China, the Indian new export policy has add fuel to the flames.

A European trader increased his offer to USD285/t CIF China for lumpy metallurgical grade Cr ore 48% of Turkish origin, USD15/t higher than last month when Chinese consumers were against his offer. “Everybody is looking forward to a new increase in chrome ore prices, as China is such a big consumer and India used to be her major supplier during past years,” said the source.

A new trader with a mine in the Philippines reported that Chinese consumers showed great interest in his offer price of USD240/t CIF China for lumpy metallurgical grade of Cr ore 45%. The source added that he is not sure about current price level as it seems that everybody is increasing offers to be higher than others.

Meanwhile, Chinese traders are hiking up their offers as well, as offer prices this week climbed up to RMB61-63/dmtu (USD6.96-7.18/dmtu) ex ports for metallurgical grade Cr ore, which is too expensive for Chinese consumers to purchase in a short period.Asian Metal Copyright The source added that he is not sure about current price level as it seems that everybody is increasing offers to be higher than others.Asian Metal Copyright

For the moment, market players are paying close attention to the April Cr ore price, which would suggest the second quarter contract price. Some close observers have indicated that people are crazy about the rocketing Cr ore market as even strangers are zeal about the business.