BEIJING (Asian Metal) 13 Dec 19 – Currently, mainstream prices for Chinese ferrovanadium 50%min stand at RMB99,000-102,000/t (USD28.1-29.0/kg V) EXW D/A 180 days, down by RMB1,000/t (USD0.3/kg V) from last week. Consumers only make purchase according to urgent need and the demand keeps soft. Most insiders are watching the market now and expect that prices of ferrovanadium would stay weak in the coming week.
A trader in North China quotes their ferrovanadium 50%min at RMB105,000/t (USD29.8/kg V) EXW D/A 180 days and can accept RMB102,000/t (USD29.0/kg V) for firm bids, down by RMB2,000/t (USD0.6/kg V) from last week. “Inquiries are hard to see at the moment and we are facing high pressure to sell now,” said the source. He added, “Our last deal was made early November, when we bought 20t at RMB112,000/t (USD31.8/kg V).” He believes that prices of ferrovanadium would stay weak in the coming week.
With a regular trading volume of 50tpm, they sold 600t in 2018 and have sold 450t so far this year. They didn’t sell in November and expect to sell 30t in December, holding 30t of stocks now, unchanged from last month.
Another trader in North China claimed the current price for ferrovanadium 50% he received stands at RMB100,000/t (USD28.4/kg V) EXW D/P and can buy at RMB99,000/t (USD28.1/kg V) for firm bids, down by RMB1,000/t (USD0.3/kg V) from last week. “We have about 30t of high cost stocks, when we bought at RMB120,000/t (USD34.1/kg V). As prices can hardly rebound before the Spring Festival, we tried to sell to our regular steel mill client at RMB103,000/t (USD29.3/kg V) but failed,” said the source. He added, “In order to get the money back as soon as possible, we have to drop quotation to promote sales.” He believes that prices of ferrovanadium 50%min would drop by RMB2,000/t (USD0.6/kg V) in the coming week.
With a regular trading volume of 30tpm, they sold 350t in 2018 and have sold 280t so far this year. They expect to sell 30t in December, unchanged from November, holding 30t of stocks now, up by 15t from last month.
www.asianmetal.com
