During the past week China's ferromolybdenum market followed a stable trend, while the domestic ferrovanadium market continued to trend upward. Currently, the prices of vanadium pentoxide are still high with upward margin existed in the coming period.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 132,000 | 19,672 | |
Ferrovanadium | V50 | Panzhihua | 99,000 | +500 | 14,776 |
Over the past week China's domestic ferromolybdenum market has followed a stable trend. The mainstream quotations in the market in Jinzhou are at RMB 130,000-133,000/mt ($19,403-19,851/mt), unchanged week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 1,950-2,000/mtu ($291-299/mtu), unchanged week on week. International ferromolybdenum prices have continued to decrease, with the current prices of bottled molybdenum oxide at $14.9-15.2/lb and with the European delivery prices of 60 percent Mo at $38.5-40.5/kg Mo.
Transactions in China's domestic ferromolybdenum market have been sluggish due to the recent Mid-Autumn Festival holiday and the prices of molybdenum concentrate and ferromolybdenum have generally remained unchanged week on week. The domestic ferromolybdenum market will likely remain stable ahead of the approaching National Day holiday (October 1-7).
On the other hand, ferrovanadium prices in China have continued to rise. Domestic quotations of ferrovanadium (50 percent) are now in the range of RMB 98,000-100,000/mt ($14,627-14,925/mt), up RMB 500/mt ($75/mt), with prices of vanadium pentoxide (98 percent flakes) standing at RMB 90,000-92,000/mt ($13,433-13,731/mt), up RMB 1,000/mt ($147/mt) week on week. Meanwhile, in Europe, the ferrovanadium market has followed a stable trend. Quotations of vanadium pentoxide (98 percent flakes) are at $6.8-7.1/lb, while market quotations of ferrovanadium (V70-80) are at $29.5-31.5/kg.
After the recent Mid-Autumn Festival, players in the domestic ferrovanadium market have adopted a wait-and-see policy, with less inquiries seen in the market. Some steel mills' offers are standing at RMB 100,000/mt ($14,925/mt). Meanwhile, due to the high cost of vanadium pentoxide, most ferrovanadium producers' prices have remained at high levels. Currently, offers of vanadium pentoxide (98 percent flakes) are at RMB 90,000-92,000 /mt ($13,433-13,731). Looking at the present situation, prices in the ferrovanadium market may increase further after the holiday due to high raw material costs.