BEIJING (Asian Metal) 23 May 19 – Zenith Steel Group Company Limited completed its bidding for ferrovanadium on May 22, deciding to buy 60t of ferrovanadium 50%min at RMB120,000/t (USD17,360/t) delivered D/A 180 days.
This bidding price is about RMB10,000/t (USD1,447/t) lower than what market insiders have expected and therefore imposes further downward pressure on ferrovanadium prices which have already been on the decline.
Currently in China, mainstream prices for ferrovanadium 50%min stay at RMB126,000-129,000/t (USD18,228-18,662/t) EXW D/A 180 days, down by RMB12,000/t (USD1,736/t) from last week. As demand is weak and moreover, vanadium prices in the international market are far below those in the Chinese market, most Chinese ferrovanadium producers have chosen to cut or suspend production to various extents. The Chinese ferrovanadium market witnesses both weak supply and demand. Insiders believe that mainstream prices for Chinese ferrovanadium 50%min would drop to below RMB120,000/t (USD17,360/t) in the coming week.
www.asianmetal.com
