BEIJING (Asian Metal) 7 May 19 – Hunan Valin LY Steel Co., Ltd. announced bidding results for ferrovanadium early this week. The company invited bids on April 29 to purchase 10t of ferrovanadium 50%min and the final purchase price was RMB165,000/t (USD24,366/t) delivered D/A 180 days.
This bidding price is apparently lower than the market expectations, which brings heavy downward pressure on the decline of ferrovanadium price.
According to Asian Metal, the mainstream prices for Chinese ferrovanadium 50%min were RMB170,000-173,000/t (USD25,105-25,548/t) EXW D/A 180 days this Monday, down by RMB2,000/t (USD295/t) compared with those before the May Day holiday. As the bidding prices of steel mills are usually lower than the market expectations, mainstream prices for Chinese ferrovanadium are expected to continue to bear downward pressure in the coming week.
www.asianmetal.com
