The Chinese ferromolybdenum market continued its upward trend at the beginning of the past week but started to decline from Thursday onward due to the increase in molybdenum concentrate supplies in the spot market; the net result is that ferromolybdenum prices in the Chinese market are unchanged from their levels of one week ago. On the other hand, domestic ferrovanadium market prices have moved up slightly in general, with the purchase volumes from steel mills increasing compared to the previous period.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 151,000 | - | 22,983 | - |
Ferrovanadium | V50 | Panzhihua | 100,500 | +2,000 | 15,297 | +304 |
Ferromolybdenum prices drop due to rise in molybdenum concentrate supplies
Mainstream quotations in the ferromolybdenum market in Jinzhou are at RMB 150,000-152,000/mt ($22,762-23,065/mt), unchanged week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,200/mtu ($303/mtu), almost unchanged on week-on-week basis.
The domestic ferromolybdenum market maintained its upward trend at the beginning of the past week due to the increase in purchase volumes and transactions from domestic steel mills, especially in northeastern China. However, ferromolybdenum prices began to fall from Thursday on due to the increased supplies of domestic production molybdenum concentrate in the spot market. The net outcome is that Chinese ferromolybdenum prices are more or less unchanged from their levels of one week ago. Looking at the current situation, molybdenum concentrate is standing at RMB 2,200/mtu ($303/mtu), while market players are still optimistic on the prospects for the domestic ferromolybdenum market.
Chinese ferrovanadium market moves up slightly, demand also increases
At present, domestic quotations of ferrovanadium (50 percent) in China are in the range of RMB 100,000-102,000/mt ($15,221-15,525/mt), up RMB 2,000/mt ($304/mt) week on week, while prices of vanadium pentoxide (98 percent flakes) in China are standing at RMB 91,000-93,000/mt ($13,851-14,155/mt), up RMB 1,000 ($152/mt) week on week. Meanwhile, in Europe, the ferrovanadium market has remained unchanged. Quotations of vanadium pentoxide (98 percent flakes) in Europe are at $6.85-7.45/lb, while market quotations of ferrovanadium (V70-80) have remained at $30.5-31.75/kg.
In the past week, the domestic ferrovanadium market has moved up slightly, while the volume of market inquiries has increased. Demand from domestic steel mills for ferrovanadium has increased lately, and the ongoing increase in vanadium pentoxide prices has also helped to boost domestic ferrovanadium prices. SteelOrbis has learned from market sources that the purchase prices of ferrovanadium from domestic steel mills in eastern China have increased to RMB 100,000/mt ($15,221/mt).