Chinese ferrovanadium prices keep plunging
Date: Dec 20, 2018
BEIJING (Asian Metal) 20 Dec 18 – Currently, mainstream prices for Chinese ferrovanadium 50%min drop to RMB273,000-276,000/t (USD79.17-80.04/kg V) Inc-VAT EXW D/A 180 days, down by RMB32,000/t (USD9.28/kg V) from late last week and with a decrease of 85.5% from the price peak in early November. Consumers only purchase based on urgent need and most participants are watching the market now. Insiders believe prices would keep plummeting in the coming week.
A producer in North China quotes ferrovanadium 50%min at RMB275,000/t (USD79.75/kg V) at present, down by RMB350,000/t (USD10.15/kg V) from last week. “We have halted production as prices drop too much. Our highest price was RMB512,000/t (USD148.49/kg V) in early November,” said the source. He added, “We are dealing with the inventory at the moment. I received an inquiry for 10t this Monday but the buyer only wanted to buy at no more than RMB240,000/t (USD69.60/kg V).” They didn’t close the deal for the low price and they can at most accept a counteroffer of RMB2,000/t (USD0.58/kg V) now. Their last deal was made two weeks ago, when they sold 5t at RMB380,000/t (USD110.21/kg V). He believes prices would keep dropping in the coming week.
