BEIJING (Asian Metal) 29 Nov 18 – With an annual production capacity of 840t for vanadium pentoxide powder 98%min, Chongyang Feida Mining Co. LTD prepares to stop production from this Sunday as prices keep dropping and the inventory stays at high level.
“We prepare to stop production for vanadium pentoxide powder from early December for overhaul and would be out of production for three months,” said the source. He added, “We are facing high pressure to reduce our stocks at the moment as consumers only want to buy at no more than RMB90,000/t Inc-VAT EXW D/P.” Their bottom price keeps at RMB95,000/t (USD6.3/lb V2O5) and their target price stays at RMB110,000/t (USD7.2/lb V2O5) now.
Located in Hubei Chongyang, where is the most concentrate area for vanadium industry, this company is the most typical one in local area, they produced 40t in October and expect 30t in November, holding 100t of stocks at the moment.
At present, mainstream prices for Chinese vanadium pentoxide powder 98%min drop to RMB92,000-96,000/t (USD6.0-6.3/lb V2O5) Inc-VAT EXW D/P, down by RMB3,000/t (USD0.2/lb V2O5) from this Wednesday.
www.asianmetal.com
