BEIJING (Asian Metal) 27 Mar 20 – Currently, mainstream prices for Chinese ferrovanadium 50%min stand at RMB95,000-98,000/t (USD26.8-27.7/kg V) delivered D/A 180 days, down by RMB2,000/t (USD0.6/kg V) from this Monday. Steel mills refuse to buy at high price level and most suppliers face huge sales pressure because the cost keeps firm. Insiders believe that mainstream prices of Chinese ferrovanadium would keep steady in the coming week.

A consumer in Northeast China claims the current price for ferrovanadium 50%min he received stands at RMB100,000/t (USD28.2/kg V) delivered D/A 180 days and they could buy at RMB98,000/t (USD27.7/kg V) for firm bids, down by RMB2,000/t (USD0.6/kg V) from this Monday. “We just bought 10t at RMB98,000/t (USD27.7/kg V) this Thursday,” said the source. He added, “Downstream steel market keeps so soft now and we couldn’t accept higher prices for raw material ferrovanadium.” He believes that mainstream prices of ferrovanadium 50%min would drop to RMB95,000/t (USD26.8/kg V) in the coming week.

With an annual consumption capacity of 360t for ferrovanadium, they consumed 10t in February and expect the same volume in March, holding 10t of stocks at the moment.

A consumer in North China notes the current price for ferrovanadium 50%min he received stands at RMB98,000/t (USD27.7/kg V) delivered D/A 180 days, down by RMB2,000/t (USD0.6/kg V) from this Monday. “We just bought 40t at RMB98,000/t (USD27.7/kg V) this Wednesday. As prices keep dropping, we only bought half a month’s demand this time,” said the source. He added, “We prepare to buy another 40t in the middle of April and our target price keeps at no more than RMB95,000/t (USD26.8/kg V).” He believes that mainstream prices of Chinese ferrovanadium 50%min would stand at around RMB95,000/t (USD26.8/kg V) in the coming week.

With an annual consumption capacity of 1,200t, they comsumed 960t in 2019. They expect to consume 80t in March, up by 30t from February. They have 40t of stocks now, down by 40t from last month.

www.asianmetal.com