In the past week, China's ferromolybdenum market has declined due to low demand, while the domestic ferrovanadium market has climbed up further due to high vanadium pentoxide prices and the rising international market.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 134,000 | -1000 | 19,706 | -147 |
Ferrovanadium | V50 | Panzhihua | 975 00 | +500 | 14,338 | +74 |
Currently, mainstream ferromolybdenum market quotations in Jinzhou are at RMB 133,000-135,000/mt ($19,412-19,853/mt), down RMB 1,000/mt ($147/mt) week on week. Market quotations for domestic origin molybdenum concentrate (45 percent grade) are at RMB 2,000-2,050/mt ($295-303/mt). International ferromolybdenum market offers have increased slightly with the current prices of bottled molybdenum oxide at $15.5-16.1/lb and with the European delivery prices of 60 percent Mo at $40.75-42/kg.
Transaction activity for ferromolybdenum has been quite low in the past week, with offers declining strongly. Some mills' offers have dropped to RMB 130,000/mt ($19,118/mt), with retail prices lower than RMB 135,000/mt ($19,853/mt). In addition, most producers of molybdenum concentrate resumed production in the past week, and so supplies of molybdenum concentrate have increased.
Ferrovanadium market prices in China continued to rise in the past week. Current domestic quotations of ferrovanadium (50 percent) are at RMB 96,000-98,000/mt ($14,118-14,412/mt), up by RMB 500/mt ($147/mt) week on week. Domestic offers of vanadium pentoxide (98 percent flakes) are standing at RMB 68,000-71,000/mt ($12,941-13,235/mt), up by RMB 1,000/mt ($147/mt) compared to the previous week. Meanwhile, in the international market, quotations of European ferrovanadium have risen, with vanadium pentoxide prices (98 percent flakes) at $6.8-7.1/lb, while market quotations of ferrovanadium (V70-80) are at $29.5-31.5/kg.
The ferrovanadium market has risen slightly in China, though the uptrend has registered a slowdown. Due to national policy on energy saving and emissions reduction, some steel mills have cut back or even suspended production. As a result, demand for ferrovanadium has been on the low side. However, due to high vanadium pentoxide prices and the climbing international market, the domestic ferrovanadium market is expected to continue to rise in the coming period.