Chinese ammonium metavanadate prices touch the bottom
Date: Jan 4, 2019
BEIJING (Asian Metal) 4 Jan 19 – Currently, mainstream prices for Chinese ammonium metavanadate 98%min drop to RMB193,000-196,000/t (USD13.00-13.21/lb V) Inc-VAT EXW D/P, down by RMB10,000/t (USD0.67/lb V) from late last week. Considering the new standard of rebar will be strictly enforced in January and most steel mills will build raw material inventory this month, insiders believe prices of this material have touched the bottom and would be firm in the coming week.
A producer in south China quotes ammonium metavanadate 98%min at RMB197,200/t (USD13.29/lb V) at present, down by RMB5,800/t (USD0.39/lb V) from early last week. “Our last deal was made late last week, when we sold 30t at RMB196,000/t (USD13.21/lb V). We received an inquiry this Wednesday and one buyer wanted to buy 20t at no more than RMB191,400/t (USD12.90/lb V). As the price was lower than the minimum we can accept, we didn’t close the deal in the end,” said the source. He added, they can at most accept a counteroffer of RMB1,200/t (USD0.08/lb V) for firm bids now. Considering the new standard of rebar will be strictly enforced this month and the national quality inspection authorities are inspecting in Jieyang City, Guangdong now, he believes prices would be steady in the coming week.
