In the past week, due to reduced purchases of steel mills, the Chinese ferromolybdenum market declined, with a slowdown observed in the market transaction volume. On the other hand, China's ferrovanadium market has been fairly active. Due to high vanadium pentoxide prices and the climbing international market, the domestic ferrovanadium market rose higher.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 135,000 | -2,000 | 19,853 | -294 |
Ferrovanadium | V50 | Panzhihua | 97,000 | +3,000 | 14,265 | +441 |
In the past week the Chinese ferromolybdenum market registered a decrease. Currently, mainstream ferromolybdenum market quotations in Jinzhou are at RMB 133,000-136,000/mt ($19,559-20,000), down RMB 2,000/mt ($294/mt) week on week. Market quotations for domestic origin molybdenum concentrate (45 percent grade) are at RMB 2,000-2,050 /mt ($295-303). International ferromolybdenum market offers have increased slightly with the current prices of bottled molybdenum oxide at $15.75-16.25/lb and with the European delivery prices of 60 percent Mo at $39.75-41/kg.
Transaction activity for molybdenum concentrate was quite low in the past week, with offers declining slightly and with demand on the low side. In addition, there have been fewer transactions for ferromolybdenum. With most steel mills completing purchases last week, the purchase volume this week has declined greatly. Some mills' offers have dropped to RMB 132,000/mt ($19,412/mt). The ferromolybdenum market in China may be characterized by weak fluctuations in the coming period.
Chinese ferrovanadium market prices have continued to rise in the past week. Current domestic quotations of ferrovanadium (50 percent) are at RMB 96,000-97,000/mt ($14,118-14,265/mt), up by RMB 2,000-3,000/mt ($294-441/mt) week on week. Domestic offers of vanadium pentoxide (98 percent flakes) are standing at RMB 87,000-89,000/mt ($12,794-13,088/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 $6.5-7.1/lb, while market quotations of ferrovanadium (V70-80) are at $29.5-31/kg.
The ferrovanadium market has risen slightly in China due to the increase in the international market. Firstly, the end of the summer holidays in Europe has resulted in increases in demand and transactions. European traders are optimistic about the future market. Some traders sold 20 mt of ferrovanadium at $30/kg. Meanwhile, China's export transactions increased.