BEIJING (Asian Metal) 23 Oct 19 – Currently, mainstream prices for Chinese ferrovanadium 50%min stand at RMB127,000-130,000/t (USD35.9-36.7/kg V) EXW D/A 180 days, down by RMB2,000/t (USD0.6/kg V) from last week. As the demand keeps soft, most suppliers are facing high pressure to promote sales. Insiders believe prices of ferrovanadium would keep dropping in the coming week.
A producer in North China quotes their ferrovanadium 50%min at RMB130,000/t (USD36.7/kg V) EXW D/A 180 days and can accept RMB129,000/t (USD36.4/kg V) for firm bids, down by RMB3,000/t (USD0.8/kg V) from last week. “I received an inquiry this Monday for 10t but the buyer only wanted to buy at no more than RMB125,000/t (USD35.3/kg V) EXW D/P. I didn’t accept this order as this price level is far from our bottom,” said the source. Their last deal was made late last week, when they sold 10t at RMB132,000/t (USD37.3/kg V). He believes prices of ferrovanadium 50%min would drop to RMB128,000/t (USD36.2/kg V) in the coming week.
With an annual production capacity of 2,400t, they produced 120t in September and expect 90t in October, holding 30t of stocks now.
A consumer in South China noted the current quotation for ferrovanadium 50%min stands at RMB130,000/t (USD36.7/kg V) EXW D/A 180 days, down by RMB2,000/t (USD0.6/kg V) from last week. “We plan to make purchase for 20t at the end of October and our target price stands at no more than RMB127,000/t (USD35.9/kg V). Though no producers would like to accept now, I believe prices would drop to this price level in the coming week,” said the source. Their last deal was made late September, when they bought 30t at RMB135,000/t (USD38.1/kg V) Delivered D/A 180 days.
With a consumption capacity of 600tpy, they consumed 500t in 2018 and have consumed 300t this year. They except to consume 30t in October, unchanged from September, holding 20t of stocks now, the same with late last month.
www.asianmetal.com
