BEIJING (Asian Metal) 30 Mar 20 – Currently, mainstream prices for Indian ferrovanadium 50%min stand at INR850-880/kg (USD22.4-23.2/kg V) delivered D/P, down by INR70/kg (USD1.8/kg V) from last week. Inquiries are rare to see at the moment because of the virus. Most suppliers face high sales pressure. Insiders believe that mainstream prices of Indian ferrovanadium 50%min would be steady in the coming week.
A trader in India claimes the current price for ferrovanadium 50%min he received stands at INR900/kg (USD23.8/kg V) delivered D/P and they could buy at INR870/kg (USD23.0/kg V) for firm bids, down by INR50/kg (USD1.3/kg V) from last week. “India would lock down for 21 days and today is the third day. Our clients only make purchase according to urgent need and most of them delayed their purchase plan now,” said the source. Their last deal was made early last week, when they bought 10t at INR870/kg (USD23.0/kg V). Considering the virus develops quickly in India, he believes that mainstream prices of Indian ferrovanadium 50%min would stay steady in the coming week.
With a regular trading volume of 50tpm, they expect to consume 30t in March, down by 20t from February, holding 10t of stocks now.
Another trader in India quotes their ferrovanadium 50%min at INR880/kg (USD23.2/kg V) and they could accept INR850/kg (USD22.4/kg V) for firm bids, down by INR70/kg (USD1.8/kg V) from last week. “Inquiries are rare to see at the moment because of the virus. In order to promote sales, we dropped our quotation accordingly,” said the source. He added, “If prices are lower than our bottom, we would not accept any orders as we need to guarantee our basic profit margin.” He believes that mainstream prices of Indian ferrovanadium 50%min would be weak in the coming week.
With a regular trading volume of 30tpm, they expect to sell 20t in March, the same as February, holding 20t of stocks now.
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