South Korean Ferrovanadium Market Keeps Quiet
BEIJING (Asian Metal) 22 Nov 19 – Currently, mainstream prices for South Korean ferrovanadium 80%min stand at USD23.5-24.0/kg V D.D.P. now, up by USD0.5/kg V from last week. Few traders would like to build stock and the market keeps quiet. Considering prices of overseas market increase slightly, insiders believe prices of South Korean ferrovanadium would keep steady in the coming week.
A trader in South Korea noted their quotation for ferrovanadium 80%min at USD24.0/kg V D.D.P. at the moment and can accept USD23.8/kg V for firm bids, up by USD0.5/kg V from last week. “We are selling our stocks now, just in order to avoid the sales risk. Our steel mill clents only make purchase according to urgent need and few of them would accept higher price level,” said the source. He added, “CIF prices in South Korea increased slightly, so we have to increase our quotation accordingly.” Their last deal was made early last week, when they sold 20t at RMB23.5/kg V. He believes prices of South Korean ferrovanadium would stay firm in the coming week.
With a regular trading volume of 60tpm, they sold 700t in 2018 and have sold 450t so far this year. They expect to sell 40t in November, down by 20t from last month. They hold 30t of stocks now, down by 30t from last month.
Another trader in South Korea claimed the lowest price they can accept stays at USD23.5/kg V D.D.P. at the moment, up by USD0.3/kg V from last week. “Our major steel mill client reduced their consumption from 30tpm to 20tpm now. In order to avoid risk, we won’t replenish inventory before we get downstream purchase orders,” said the source. Their last deal was made two weeks ago, when they sold 20t at USD22.5/kg V. Considering downstream inquiries are hard to see in spot market, he believes prices of South Korean ferrovanadium would keep steady in the coming week.
With a regular trading volume of 50tpm, they sold 600t in 2018 and have sold 400t so far this year. They expect to sell 30t in November, down by 20t from October, holding 20t of stocks now, down by 20t from last month.
www.asianmetal.com
