Chinese Ferrovanadium Market Keeps Quiet
BEIJING (Asian Metal) 6 Dec 19 – Currently, mainstream prices for Chinese ferrovanadium 50%min stand at RMB100,000-103,000/t (USD28.4-29.3/kg V) EXW D/A 180 days, down by RMB1,000/t (USD0.3/kg V) from this Tuesday. Most suppliers are facing high pressure to reduce their stocks as the demand keeps soft. Insiders believe prices of ferrovanadium would be weak in the coming week.
A trader in North China claimed the current price for ferrovanadium 50%min he received stands at RMB100,000/t (USD28.4/kg V) EXW D/P and can buy at RMB99,000/t (USD28.1/kg V) for firm bids, down by RMB1,000/t (USD0.3/kg V) from this Monday. “Inquiries are hard to see at the moment and our major steel mill client reduced their consumption volume from 30tpm to 10tpm now. We are facing high pressure to sell our ferrovanadium at high price level at the moment,” said the source. Their last deal was made early last week, when they sold 10t at RMB102,000/t (USD29.0/kg V). He believes prices of ferrovanadium 50%min would drop by RMB2,000/t (USD0.6/kg V) in the coming week.
With a regular trading volume of 30tpm, they sold 330t in 2018 and have sold 240t so far this year. They expect to sell 20t in December, down by 10t from November, holding 15t of stocks now, up by 5t from last month.
A trader in South China noted the lowest price for ferrovanadium 50% he received stands at RMB100,000/t (USD28.4/kg V) EXW D/P, down by RMB2,000/t (USD0.6/kg V) from this Monday. “Though producers drop their quotation again and again, we won’t consider to build stock either,” said the source. He added, “Inquiries from end users are hard to see now and we didn’t close any deals during the past two weeks.” Their last deal was made three weeks ago, when they sold 20t at RMB105,000/t (USD29.8/kg V). He believes prices of ferrovanadium 50%min would drop by RMB3,000/t (USD0.9/kg V) in the coming week.
With a regular trading volume of 60tpm, they sold 650t in 2018 and have sold 500t so far this year. They expect to sell 40t in December, down by 20t from November, holding 40t of stocks now, up by 20t from last month.
www.asianmetal.com
