The vanadium pentoxide price in Europe tumbled by more than 20% last week amid weakening demand and a falling alloys market, driven by growing fears of a global economic slowdown due to the novel coronavirus (2019-nCov) outbreak.
Fastmarkets’ price assessment for vanadium pentoxide 98% V2O5 min, in-whs Rotterdam, fell 20.2% on Friday March 13 to $4.80-5.50 per lb from the previous week’s assessment of $5.80-7.10 per lb, which itself was a drop of 6.2% on the previous week’s level. The pentoxide market is now trading at its lowest level since January.
Suppliers were eager to offload material and were expecting further price drops and accepting lower bids, market sources said.
Only one seven-tonne deal was reported to Fastmarkets during the pricing week at $4.90 per lb, but offers were considerably lower than the previous week.
“There are some aggressive sellers offloading units in Europe,” a trader in Europe said.
The European alloy market also continued to
Suppliers were eager to offload material and were expecting further price drops and accepting lower bids, market sources said.
Only one seven-tonne deal was reported to Fastmarkets during the pricing week at $4.90 per lb, but offers were considerably lower than the previous week.
“There are some aggressive sellers offloading units in Europe,” a trader in Europe said.
The European alloy market also continued to
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