BEIJING (Asian Metal) 7 Nov 19 – Currently, mainstream prices for Chinese ferrovanadium 50%min drop to RMB99,000-102,000/t (USD28.3-29.2/kg V) EXW D/A 180 days, down by RMB5,000/t (USD1.4/kg V) from this Monday. Consumers only make purchase according to urgent need and few traders would like to build stock at the moment. Insiders believe prices of ferrovanadium would drop slightly in the coming week.
A producer in Northeast China reported their price for ferrovanadium 50%min at RMB103,000/t (USD29.4/kg V) EXW D/A 180 days and can accept RMB102,000/t (USD29.2/kg V) for firm bids, down by RMB3,000/t (USD0.9/kg V) from this Monday. “Inquiries are hard to see at the moment, which leads we reduced 80% production,” said the source. Their last deal was made this Monday, when they sold 10t at RMB105,000/t (USD30.0/kg V). As the demand keeps weak, he believes prices of Chinese ferrovanadium 50%min would go below RMB100,000/t (USD28.6/kg V) in the coming week.
With an annual production capacity of 2,400t, they produced 150t in October and expect 30t in November, holding 30t of stocks now.
A producer in North China noted their ferrovanadium 50%min at RMB101,000/t (USD28.9/kg V) EXW D/A 180 days and can accept RMB100,000/t (USD28.6/kg V) for firm bids, down by RMB5,000/t (USD1.4/kg V) from this Monday. “It’s hard to quote now as our cost keeps high at RMB110,000/t (USD31.4/kg V). In order to get the money back, we have to drop price to absorb orders,” said the source. Their last deal was made this Wednesday, when they sold 5t at RMB100,000/t (USD28.6/kg V). He believes prices of ferrovanadium 50%min would drop by RMB5,000/t (USD1.4/kg V) in the coming week.
With an annual production capacity of 1,800t, they produced 90t in October and expect 60t in November, holding 20t of stocks now.
www.asianmetal.com
