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International Prices Of Chrome Ores Are Progressing To Weaken
= MMTC / India Reduced Floor Prices For Exports By US$70 Per Ton
The international prices of chrome ores are progressing to weaken. In order to cope with a fall of prices for chrome ores in the international market, MMTC of India has reduced on an early part of last week their floor prices of chrome ores for exports by US$70 per ton for shipments in November - December of 2009.
On the other hand, the current price of medium grade lumpy chrome ore with 42% of Cr2O3 to export from Turkey to China is in the range of US$270 - 280 per ton (CFR CMP), keeping a firm tone of prices for chrome ores, but price of high grade chrome concentrate with 48% of Cr2O3 has had a slight fall mainly because of the reduced floor prices for exports by MMTC as mentioned above.set by MMTC of India are <> friable ore : at US$265 per ton FOB and <> concentrate ore : at US$260 per ton FOB.

In the eastern part of Turkey, snowfall has already started and, even in some districts, roads have been closed. In relation to the drought in winter time, many mining companies have been obliged to stop their production of chrome ores in the eastern Turkey, including concentrating plants. This situation has caused to be increasing the cost to produce chrome ores. Chrome mines in Turkey are not willing to fall prices of chrome ores.

As already reported, Eti Krom of Turkey has aimed to export lumpy chrome ore with 42% of Cr2O3 at a higher price than US$300 per ton (CFR CMP) and turned down the exports at a lower price than US$300. According to an information from this Turkish company, they have concluded the contract to export 10,000 tons of lumpy chrome ore with 42% of Cr2O3 at US$300 (CFR CMP).

China is the largest buyer of chrome ores in the world and has grasped a key for price movements of chrome ores. According to the customs-statistics released in China, this country imported 944,000 tons of chrome ores in September of 2009 and 857,000 tons in October. Therefore, the total quantity of chrome ores imported by China in January - October of 2009 was 5,597,000 tons, having decreased by 11% compared to that in the same period of 2008. It was once informed in the market that China has supposedly stocked 2,000,000 tons of chrome ores, but the stocks of chrome ores in China are presumed to be decreasing to a scale of 1,700,000 tons. There are different evaluations of the excessive stocks of chrome ores in China. Under the present situation, the quantities of chrome ores stocked in China are supposed to be in the direction to decrease further.

At all events, a key to stimulate prices of chrome ores depends on the production of stainless steel in China and also the production of ferro-chrome in this country.
last modified : Thu 03 Dec, 2009 [09:55]
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