Chrome ore imported by China reached high record in this year, and around 3 vessels arrived this week and push stock to about 3.8 millions tons ,which it is nearly highest level in the record since 2012.
Chinese chrome ore stocks at ports are at record levels. In the last weekend , major Chinese ports (tianjin,lianyungang, qingzhou) contained 3,833,000 mt of chrome ore from all sources, up from 3,659,000 mt from the previous week–an increase of 174,000 mt according to the record from logistic resources.
Chrome ore mainly from South Africa ,which it were 2,9mil mt as of Aug. 31, 2018
Total Chinese stocks at the beginning of 2018 were 2,2millon tons of which South Africa accounted for 1,7 millon mt.
The demands from FeCr smelters are weak, that was effected by bad demands from Ssteel in China, some SSteel convered to produce Carbon steel, which can make good margin profit than SSteel. Even S200 serious increased in some plants, but S300 output was decreased ,according to record from SSteel Association of China.
Price of Fecr HC was dropped to RMB6700 per ton (cr 50% basis) , which it is RMB500 /mt dropped than August, Price of Cr ore, main Source of SA, 40-42 grade ,fines, already dropped to usd150/dmt cif, buyers still not prefer to waiting for drop further.
Another main soure from Turkey, price from Turkey is also going down, due to Turkish currency depreciated by 40% than 2 months ago. so that will pull down the price exported from Turkey.
It is good for buyers to buy Turkey cargo now, ,Cr price from Turkey now is very attractive than other sources, one delegate will attend" The 6th Asia pacific steel& Ferro-Alloys Intl Conference at Istanbul on Sept 26-28,2018".