The Chinese domestic ferromolybdenum market has remained stable at high price levels in the past week, while domestic ferrovanadium market prices have continued to move up on the back of the rapid rise in vanadium pentoxide prices.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 142,000 | - | 21,581 | - |
Ferrovanadium | V50 | Panzhihua | 96,000 | +1,000 | 14,590 | +152 |
Unchanged prices, lower output in China's ferromolybdenum market
Mainstream quotations in the ferromolybdenum market in Jinzhou are at RMB 142,000-145,000/mt ($21,581-22,036/mt), unchanged week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,080/mtu ($316/mtu), also unchanged week on week. International ferromolybdenum prices have continued their upward trend in the past week, with the current prices of bottled molybdenum oxide at $17.15-17.5/lb and with the European delivery prices of 60 percent Mo at $43.5-44.5/kg Mo.
Over the past week, China's molybdenum concentrate producers in Henan Province, China have suspended production again due to power rationing in the region, resulting in reduced outputs of molybdenum concentrate and pushing up the asking prices of molybdenum concentrate producers. Meanwhile, in line with the approach of the Chinese New Year in early February, ferromolybdenum producers have been adopting a cautious approach towards purchases of molybdenum concentrate, while steel mills have almost completed their inventory replenishments. In this context, domestic molybdenum concentrate prices may continue to remain stable in the near future.
China's ferrovanadium market rises on back of higher vanadium pentoxide costs
At present, domestic quotations of ferrovanadium (50 percent) are in the range of RMB 96,000-98,000/mt ($14,590-14,894/mt), up by RMB 1,000/mt ($152/mt) week on week, while prices of vanadium pentoxide (98 percent flakes) are standing at RMB 88,000-92,000/mt ($13,374-13,982/mt), up RMB 1,000-2,000/mt ($152-304/mt) week on week. Meanwhile, in Europe, the ferrovanadium market has also moved up. Quotations of vanadium pentoxide (98 percent flakes) in Europe have increased to $6.7-7.3/lb, while market quotations of ferrovanadium (V70-80) have risen to $29.5-30.6/kg.
China's vanadium pentoxide prices have continued to move up, rising to RMB 88,000-92,000/mt ($13,374-13,982/mt), leading to a rise in ferrovanadium prices, with offers of ferrovanadium from some ferrovanadium manufacturers up to around RMB 99,000/mt ($15,046/mt). Looking at the current situation, some ferrovanadium manufacturers are facing higher production costs and are thus seeking to raise their asking prices for ferrovanadium to RMB 10,000/mt ($15,106/mt), though this level seems unlikely to be accepted by the current market.