The UG2 chrome ore and ferro-chrome markets in China were on hold in the week to Tuesday August 24, with participants waiting for major stainless steel mills to release their September tender prices.
Fastmarkets' calculation of the chrome ore, South Africa UG2 concentrates index, basis 42%, cif China was $182 per tonne on Tuesday, unchanged from one week earlier.
The market was quiet with many buyers waiting for the tender settlement before deciding on a feedstock price.
"There were few inquiries, typical silence before [a] tender announcement," a chrome ore seller said.
On Wednesday morning, Tsingshan Group took the lead to set its high-carbon ferro-chrome tender price at 9,995 yuan ($1,543) per tonne for September-delivery, a month-on-month drop of 800 yuan per tonne (7.41%) from August's 13-year high.
The lower alloy price will weigh on the upstream chrome ore market in the coming weeks, especially given the subdued demand...