Date: Jan 29, 2019
Chinese ferro-vanadium exporters refrained from offering material ahead of Lunar New Year (February 4-10) and amid a lack of readily available metal, while European ferro-vanadium prices moved up after suppliers held on to their material in a tight market.
- Chinese ferro-vanadium export price static on thin trading
- European prices edge higher on tight supply, though spot demand is limited
- US ferro-vanadium prices dip further amid limited spot activity
The Chinese ferro-vanadium export price stalled in the assessment period ended Thursday January 24 amid thin trading activity ahead of the Chinese New Year holiday.
Fastmarkets assessed the price for ferro-vanadium, 78% min, fob China, at $70-72 per kg on Thursday, unchanged from the previous week.
The number of deals concluded in China’s ferro-vanadium export market last week shrank evidently from a week ago because many Chinese exporters held off from offering so close to the week-long public holiday.
“Many Chinese market participants are not in a mood to do business now as the Chinese New Year is just around the corner. There might be some trade seen this week but the market will be very quiet in the coming week when most are preparing for the holiday,” a Chinese ferro-vanadium exporter said.
“There is no much time left before the holiday and even if you managed to conclude a deal, it’s likely that you cannot even go through all the necessary procedures before the week-long statutory holiday starting from February 4. In that case, it’s better to wait until the end of the holiday,” the exporter added.
Likewise, the domestic ferro-vanadium market was comparatively quiet with very few fresh deals concluded. The price did not see a large improvement despite a lack of available spot material.
