Chinese ferrovanadium prices drop sharply
Date: Nov 29, 2018
BEIJING (Asian Metal) 29 Nov 18 – At present, mainstream prices for Chinese ferrovanadium 50%min drop to RMB401,000-404,000/t (USD115.30-116.17/kg V) Inc-VAT EXW D/A 180 days, down by RMB69,000/t (USD19.84/kg V) from late last week. As downstream demand keeps weak, most producers lack confidence. Insiders believe prices would keep dropping in the coming week.
A producer in South China quotes ferrovanadium 50%min at RMB405,000/t (USD116.45/kg V) Inc-VAT EXW D/A 180 days at present, down by RMB75,000/t (USD21.57/kg V) from last week. “Major steel mills bought less ferrovanadium than last month, and we are facing huge sales pressure at the moment. I learnt some small traders are underselling the material at RMB380,000/t (USD109.27/kg V) Inc-VAT EXW D/P. I have no confidence for the market, and we wouldn’t consider buying raw materials for the decreasing price,” said the source. Their last deal was made last Tuesday, when they sold 20t at RMB470,000/t (USD135.14/kg V) Inc-VAT Delivered D/A 180 days. He believes prices would continue the downtrend in the coming week.
