With ferrochrome prices already continuing to head downduring late July, the steady devaluation of the Chinese yuanduring early August has only added further uncertainty toglobal chrome markets given China’s great importance. Theimmediate effect of the weakened yuan was to make importsmore expensive for Chinese buyers but there are alreadyindications that these buyers are looking for lower dollarprices (and thus stable prices at least in yuan terms) frominternational suppliers of chrome ore and ferrochrome. Whathappens over the coming weeks will illustrate neatly wherethe negotiating power lies in the global chrome market,whether that be with producers or consumers.
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