The Chinese domestic special alloys market has continued to follow an upward trend in the past week, as in the previous week. In the last week ahead of the Chinese New Year Holiday, offers in both the Chinese ferrovanadium and ferromolybdenum markets have increased, though the transaction volumes in the markets have remained poor.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 146,000 | +1,000 | 22,088 | +456 |
Ferrovanadium | V50 | Panzhihua | 98,500 | +1,500 | 14,901 | +228 |
Chinese ferromolybdenum market rises slightly, demand weakens
Mainstream quotations in the ferromolybdenum market in Jinzhou are at RMB 145,000-147,000/mt ($22,036-22,340/mt), up by RMB 1,000/mt ($152/mt) week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,100-2,150/mtu ($319-327/mtu), unchanged on week-on-week basis. International ferromolybdenum prices have continued their slight upward trend in the past week, with the current prices of bottled molybdenum oxide at $17.3-17.7/lb and with the European delivery prices of 60 percent Mo at $43.75-45/kg Mo.
Over the past week, ferromolybdenum market prices in China have increased slightly, though demand for ferromolybdenum has weakened. Some domestic steel mills have concluded purchases of ferromolybdenum at RMB 145,000/mt ($22,036/mt) in the past week. The domestic market is about to close due to the Chinese New Year holiday which starts this week.
Chinese ferrovanadium producers optimistic for post-holiday market
At present, domestic quotations of ferrovanadium (50 percent) in China are in the range of RMB 98,000-100,000/mt ($14,894-15,198/mt), up by RMB 1,000/mt ($152/mt) 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), 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 $6.7-7.3/lb, while market quotations of ferrovanadium (V70-80) have risen to $30-31.75/kg.
Chinese ferrovanadium prices have continued to follow an upward trend. Domestic ferrovanadium producers are optimistic on the prospects for the market after the New Year holiday and so their asking prices of ferrovanadium have moved up to above RMB 100,000/mt ($15,198/mt). Meanwhile, the mainstream ferrovanadium purchase prices of domestic steel mills have also increased, rising to RMB 97,000-99,000/mt ($14,741-15,046/mt). As regards raw materials, vanadium pentoxide offers have remained at high levels, standing at above RMB 90,000/mt ($13,678/mt).