GLOBAL VANADIUM WRAP: US FeV Prices Plunge, Global Vanadium Prices Maintain Decline [CORRECTED]
Date: Apr 02, 2019
Ferro-vanadium prices continued to fall in China and Europe last week ending on March 29 amid sluggish demand, while the market in the United States followed the downtrend and dropped more than 18%.
- The Chinese ferro-vanadium price falls amid weak buying interest
- The European ferro-vanadium market moved down again with more decreases ahead
- Chinese, European V2O5 prices correct lower amid weak lackluster spot demand
- US ferro-vanadium prices follow overseas markets down to slump over 18%.
The export price for ferro-vanadium in China continued its downtrend for the fourth consecutive week amid thin buying interest from abroad and a further drop in the international price in the latest assessment period ended on Thursday March 28.
The export price for ferro-vanadium, min 78%, fob China, was assessed at $58-62.50 per kg on Thursday March 28, down 8% from $64-67 per kg previously. The price is at its lowest level since February 2018, according to Fastmarkets historical data.
The price moved down last week after some Chinese ferro-vanadium exporters cut their offers further to encourage sales.
Others, meanwhile, insisted on holding their offers while the domestic spot price is more favorable than the international price, market sources said.
“The problem is that demand is not there, so it’s no use cutting one’s offer,” a Chinese ferro-vanadium exporter said, adding, “What we are worrying about is that our continuous surrender [on the price] will spoil the overseas buyers and they will always wait for a lower price instead of placing orders. In this case, we would rather not give in much on the price.”
