Russian Ferrovanadium Prices Decline
BEIJING (Asian Metal) 28 Oct 19 – Currently, mainstream prices for Russian ferrovanadium 50%min in spot market dropped to RUB1,110-1,150/kg (USD34.9-36.1/kg V) T/T 100%, down by RUB120/kg (USD3.8/kg V) from early last week. As the demand in European market keeps soft, most suppliers in Russia are facing high pressure to export. Insiders believe prices of Russian ferrovanadium would keep dropping in the coming week.
A trader in Russia quotes their ferrovanadium 50%min at RUB1,150/kg (USD36.1/kg V) T/T 100% at the moment, and can accept RUB1,120/kg (USD35.2/kg V) for firm bids, down by RUB100/kg (USD3.1/kg V) from one week ago. “We used to sell ferrovanadium 50%min to European market but prices in Europe kept dropping, so we can only sell in domestic market now,” said the source. He added, “I received an inquiry this Thursday but the buyer only wanted to buy at no more than RUB1,000/t (USD31.4/kg V) now.” Their last deal was made late last week,when they sold 10t at RUB1,120/kg (USD35.2/kg V). He believes prices of Russian ferrovanadium 50%min would drop by RUB100/kg (USD3.1/kg V) in the coming week.
With a regular trading volume of 40tpm, they sold 400t in 2018 and have sold 260t this year. They expect to sell 30t in October, down by 10t from September, holding 30t of stocks now, up by 20t from last month.
Another trader in Russia claimed their ferrovanadium 50%min at RUB1,130/kg (USD35.5/kg V) T/T 100% now and can accept RUB1,110/kg (USD34.9/kg V) for firm bids, down by RUB120/kg (USD3.8/kg V) from one week ago. “We can’t do export now as prices for international market are much lower than domestic. We only sell to our regular clients at the moment and inquiries in spot market are hard to see now,” said the source. Their last deal was made last Thursday, when they sold 15t at RUB1,110/kg (USD34.9/kg V). Considering few buyers would like to make purchase at the moment, he believes prices of Russian ferrovanadium 50%min would drop by RUB50/kg (USD1.6/kg V) in the coming week.
With a regular trading volume of 100tpm, they sold about 1,000t in 2018 and have sold 650t this year. They expect to sell 60t in October, down by 20t from September, holding 40t of stocks now, up by 10t from September.
www.asianmetal.com
