The Chinese domestic special alloy market has moved up slightly in the past week. Domestic steel mills have entered the market for purchases before the Chinese New Year holiday, helping to push up the domestic ferromolybdenum market. On the other hand, Chinse ferrovanadium market prices have also increased slightly on the back of higher costs, though the transaction volume in the market has been poor.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 145,000 | +3,000 | 22,036 | +456 |
Ferrovanadium | V50 | Panzhihua | 97,500 | +1,500 | 14,818 | +228 |
Chinese ferromolybdenum prices rise as mills step up purchases before holiday
Mainstream quotations in the ferromolybdenum market in Jinzhou are at RMB 144,000-146,000/mt ($21,884-22,188/mt), up by RMB 2,000-3,000/mt ($302-453/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), up by RMB 50/mt ($8/mt) week on week. International ferromolybdenum prices have continued their slight upward trend in the past week, with the current prices of bottled molybdenum oxide at $17.2-17.5/lb and with the European delivery prices of 60 percent Mo at $43.5-44.5/kg Mo.
Over the past week, molybdenum concentrate prices in China have continued to move up, while domestic steel mills have been carrying out the last round of purchases of ferromolybdenum for their stocks before the Chinese New Year holiday. In this context, the transaction volume in the Chinese ferromolybdenum market has improved, with purchase price offers from the steel mills slightly up. The ferromolybdenum market in expected to follow a more or less stable trend ahead of the Chinese New Year.
Cost-driven increases in Chinese ferrovanadium market despite weak activity
At present, domestic quotations of ferrovanadium (50 percent) in China are in the range of RMB 97,000-99,000/mt ($14,742-15,046/mt), up by RMB 1,500/mt ($228/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), up RMB 1,000-2,000/mt ($152-304/mt) week on week. Meanwhile, in Europe, the ferrovanadium market has remained stable. Quotations of vanadium pentoxide (98 percent flakes) in Europe have remained at $6.7-7.3/lb, while market quotations of ferrovanadium (V70-80) have risen to $29.5-30.6/kg.
Chinese vanadium pentoxide prices have followed an upward trend in the past week, as in the previous week, with the asking prices of ferrovanadium producers up to RMB 100,000/mt ($15,196/mt), despite the low transaction volume. Currently, most traders, distributors and local steel mills in China are reluctant to enter the ferrovanadium market for purchases. It has been learned that offers from a few steel mills have increased to RMB 97,000/mt ($14,742/mt), up slightly week on week. In addition, vanadium pentoxide prices in the domestic market still remain at high levels of RMB 90,000-92,000/mt ($13,678-13,982/mt), constituting the main source of support for domestic ferrovanadium prices in China.