The Chinese ferromolybdenum market has surged up in the past week, with increased volumes of inquiries and transactions observed. On the other hand, the domestic ferrovanadium market has remained stable, with both steel mills and traders so far slow to return to the market for purchases.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 151,000 | 5,000 | 22,914 | 759 |
Ferrovanadium | V50 | Panzhihua | 98,500 | - | 14,818 | - |
Chinese ferromolybdenum market surges, demand increases
Mainstream quotations in the ferromolybdenum market in Jinzhou are at RMB 150,000-152,000/mt ($22,762-23,065/mt), surging by RMB 5,000/mt ($759/mt) week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,200-2,250/mtu ($303-341/mtu), up by RMB 100/mt ($15/mt) on week-on-week basis.
Over the past week, the domestic ferromolybdenum market has surged in general, with current market offers exceeding RMB 150,000/mt ($22,762/mt). Looking at the current situation, the demand from steel mills has increased after the holiday while supplies of molybdenum concentrate are tight, and both these factors have contributed to the increase in domestic ferromolybdenum prices. Chinaâ€TMs ferromolybdenum market will likely continue to indicate an upward trend in the coming period.
So far few inquiries for ferrovanadium after the holiday
At present, domestic quotations of ferrovanadium (50 percent) in China are still in the range of RMB 98,000-100,000/mt ($14,894-15,198/mt), unchanged week on week, while prices of vanadium pentoxide (98 percent flakes) in China are standing at RMB 90,000-92,000/mt ($13,678-13,982/mt), also remaining unchanged week on week. Meanwhile, in Europe, the ferrovanadium market has moved up slightly. Quotations of vanadium pentoxide (98 percent flakes) in Europe are at $6.85-7.45/lb, while market quotations of ferrovanadium (V70-80) have risen to $30.5-31.75/kg.
So far there have been few inquiries for ferrovanadium in China after the Chinese New Year holiday. For the time being, offers of ferrovanadium are still at RMB 100,000/mt ($15,046/mt). Looking at the current situation, inventories of ferrovanadium held by most steel mills and traders are at sufficient levels. Domestic ferrovanadium prices are considered unlikely to increase in the coming period.