BEIJING (Asian Metal) 19 Apr 23 – In view of the soft demand from terminal users and dropping raw material prices, Chinese ferrovanadium market mentality maintained negative during the past week. Currently, the mainstream prices of Chinese ferrovanadium 50%min stand at RMB125,000-127,000/t (USD36.6-37.2/kg V) delivered D/A 180 days, down by RMB2,000/t (USD0.6/kg V) from late last week. Considering that few buyers would like to add inventory and the rare inquiry in spot market continues, insiders believe that the mainstream prices of Chinese ferrovanadium 50%min would move down further in the coming week.
“Prices of ammonium metavanadate 98%min we inquired dropped to the latest around RMB112,000/t (USD16.4/kg) EXW D/P and our regular clients all prefer to watch the market now,” said a trader in South China. In order to promote sales, they could accept RMB126,000/t (USD36.9/kg) delivered D/A 180 days for firm bids of ferrovanadium 50%min now. They last sold 10t at RMB130,000/t (USD38.1/kg V) about one week ago. Considering that inquiries in spot market stay rare and they could easily feel the negative mentality, they predict that the mainstream prices of Chinese ferrovanadium 50%min would drop below RMB120,000/t (USD35.2/kg V) in the coming week.
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