BEIJING (Asian Metal) 28 Feb 20 – Currently, mainstream prices for Indian ferrovanadium 50%min stand at INR1,000-1,030/kg (USD28-28.8/kg V) D.D.P., down by INR150/kg (USD4.2/kg V) from last week. Consumers only make purchase according to urgent need and the market demand keeps weak. Insiders believe that prices of Indian ferrovanadium would keep dropping in the coming week.
A trader in India noted the current market price he received stands at around INR1,030/kg (USD28.8/kg V) D.D.P. and they can accept INR1,000/kg (USD28/kg V) for firm bids, down by INR120/kg (USD3.4/kg V) from last week. “Our last deal for ferrovanadium 50%min was made this Wednesday, when we sold 20t at INR1,000/kg (USD28/kg V). However, we could sell at INR1,120/kg (USD31.4/kg V) one weeks ago,” said the source. They mainly supply their regular clients now and they didn’t receive any inquiries from new clients during the past two weeks. He believes that prices of Indian ferrovanadium 50%min would drop by INR30/kg (USD0.8/kg V) in the coming week.
With a regular trading volume of 50tpm, they expect to sell 40t in February, down by 10t from January, holding 20t of stocks now, the same as last month.
Another trader in India noted the current prices for ferrovanadium 50%min he received stand at around INR1,050/kg (USD29.4/kg V) D.D.P. and they can sell at INR1,020/kg (USD28.6/kg V) for firm bids, down by INR130/kg (USD3.6/kg V) from last week. “We sold 15t of ferrovanadium 50%min this Monday at INR1,020/kg (USD28.6/kg V),” said the source. He added, “Few consumes would like to build stock now and they just make purchase according to urgent need.” Considering the demand stays soft, he believes that prices of Indian ferrovanadium 50%min would drop to INR1,000/t (USD28/kg V) in the coming week.
With a regular trading volume of 30tpm, they sold 30t in January and expect 15t in February, holding no stocks now, down by 15t from last month.
www.asianmetal.com
