Chrome Ore Price Forecast For May

SHANGHAI, May 19 (SMM) - As of May 5, the port inventory of chrome ore in China stood at 1.81 million mt, down 15.67% from a month ago, with stocks at Tianjin port at 1.02 million mt.

Chrome ore port arrivals are expected to drop sharply in May. Before May 21, only 448,700 mt of chrome ore is estimated to arrive at Tianjin port. Traders raised offers in the second half of April as they expected port arrivals to fall sharply in May.

However, data showed that shipments from South Africa and Mozambique increased significantly in April, which will cause port arrivals to surge at the end of May.

Chrome ore prices are expected to stay firm in the short term on the back of low port inventories.