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Chrome ore spot market will be strong in the short term

Time:Mon, 21 Feb 2022 16:36:54 +0800

keywords : chrome ore spot market will be strong

During the week, the spot price of chrome ore was still high in China. Due to the limited arrival of goods in Tianjin port, the port inventory continued to decline. And the availability of spot resources is tight in the market. Coupled with the high concentration of spot resources, the holders had a strong willingness to support the price. In the case of a sharp rise in chrome ore futures last week, the space for spot price concession of cargo holders is limited, and the downstream gradually accepts high price resources, but mainly meets the rigid demand, and the purchase is very cautious. So the rising sentiment of chrome ore market has eased. It is expected that the chrome ore spot market will be strong in the short term. 

With the support of the downstream ferrochrome mills, the downstream gradually accepts high price futures. Judging from the shipment of chrome ore in South Africa in February, the supply problem of chrome ore in South Africa has not been significantly alleviated. Chrome mines have strong confidence in the future market and there are many phenomena of high quotation.

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