The Chinese domestic ferromolybdenum market has remained stable over the past week, with mainstream offers unchanged from the previous week. At present, market players are not optimistic on the prospects for the ferromolybdenum market in the short term due to the plentiful market supply and the uncertainty of demand. On the other hand, the domestic ferrovanadium market has continued to show a downward trend due to the decline of purchase prices from steel mills.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 147,000 | - | 22,172 | - |
Ferrovanadium | V50 | Panzhihua | 93,000 | -1,000 | 14,027 | -151 |
Over the past week, domestic ferromolybdenum market prices in China have remained stable. The mainstream quotations in the market in Jinzhou are at RMB 145,000-148,000/mt ($21,870-22,322/mt), unchanged week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,150-2,200/mtu ($324-332/mtu), unchanged week on week. International ferromolybdenum prices have continued to move up, with the current prices of bottled molybdenum oxide at $16.1-16.3/lb and with the European delivery prices of 60 percent Mo at $41.2-42.5/kg Mo.
The Chinese domestic ferromolybdenum market has followed a stable trend over the past week due to the improved transaction volume and increased purchases from some steel mills in the ferromolybdenum market. For the time being, the purchase prices from steel mills are standing at RMB 145,000-147,000/mt ($21,870-22,172/mt), for deferred payment. Recently, supplies of molybdenum concentrate and ferromolybdenum have been plentiful as domestic producers of molybdenum alloys have fully resumed production. Looking at the current market situation, the domestic ferromolybdenum market may follow a soft trend in the short term due to the increased supply of ferromolybdenum materials.
Ferrovanadium prices in China have continued to fall over the past week. Currently, domestic quotations of ferrovanadium (50 percent) are now in the range of RMB 92,000-94,000/mt ($13,876-14,178/mt), down RMB 1,000/mt ($151/mt) week on week, with prices of vanadium pentoxide (98 percent flakes) standing at RMB 83,000-85,000/mt ($12,519-12,821/mt), unchanged week on week. Meanwhile, in Europe, the ferrovanadium market has declined slightly. Quotations of vanadium pentoxide (98 percent flakes) are at $6.8-7.1/lb, while market quotations of ferrovanadium (V70-80) are at $29-30.5/kg.
The purchase prices of most mills for ferrovanadium have decreased to RMB 91,000/mt ($13,725), down from the previous week. As a result, market players are all maintaining a wait-and-see policy and the ferrovanadium market will likely continue to remain sluggish in the near term. Looking at the current situation, the ferrovanadium market is expected to remain on a weak trend in the coming period.