Global chrome ore price soaring

After the restriction for chrome export imposed by South Africa this year, India had also executed the new policy to cut the chrome ore export volume.

Affected by these two factors, the worldwide chrome prices have soared. Among the price increase, Indian chrome ore price has been raised to FOB US$350 and the concentrate chrome price had reached FOB US$347/MT.

Indian MMTC had also increased the chrome ore price from April 1 this year. The FOB price was up by 72 percent from US$203/MT to US$350/MT. In the meantime, the price for concentrate chrome has also been increased from FOB US$200/MT to FOB US$347/MT.

Even thought this new policy had been announced by India for a span, many exporters were so surprised for this price soar. “If the buyers can not accept this price increase, MMTC will decrease the price in the third quarter (July 1) in this year.” predicted by the relevant players in the market.

India is the third largest chrome ore producer in the globe.