During the past week China's ferromolybdenum market has started to move on a stable trend, due to the improved supply situation for molybdenum concentrate, while it is thought that prices might fall in the future. Meanwhile, inquiries in the ferrovanadium market, which has remained on an uptrend, have declined and transactions have slowed down.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 136,000 | 20,089 | ||
Ferrovanadium | V50 | Panzhihua | 93,500 | +500 | 13,790 | +74 |
Over the past week China's domestic ferromolybdenum market has been basically stable. The mainstream quotations in the market in Jinzhou are at RMB 135,000-137,000/mt ($19,941-20,236/mt), unchanged week on week, while market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,000-2,050/mtu ($295-303/mtu), with the lower-end down RMB 50/mtu ($7/mtu) week on week. International ferromolybdenum prices have increased slightly, with the current prices of bottled molybdenum oxide at $15.5-16/lb and with the European delivery prices of 60 percent Mo at $39.25-40.5/kg Mo.
In recent days, most molybdenum concentrate enterprises in Henan as well as the enterprises in other regions have resumed production and so supplies from these enterprises have improved and quotations are lower than in the previous period. In addition, purchases from domestic steel mills are relatively slow and their purchase prices have decreased. Lately, purchase prices of some mills are at RMB 131,000/mt ($19,322/mt), which is around RMB 5,000/mt ($737/mt) lower than present market quotations.
On the other hand, Chinese ferrovanadium prices were up slightly again during the past week. Domestic quotations of ferrovanadium (50 percent) are now in the range of RMB 92,000-95,000/mt ($13,589-14,012/mt), with the upper-end up RMB 1,000/mt ($148/mt), and with vanadium pentoxide (98 percent flakes) standing at RMB 85,000-87,000/mt ($12,555-12,851/mt), unchanged week on week. Meanwhile, in the international market, quotations of European ferrovanadium are slightly up, with vanadium pentoxide (98 percent flakes) are at $6.5-7.1/lb, while market quotations of ferrovanadium (V70-80) are at €27.75-29.25/kg.
China's ferrovanadium market moved up in the past week but appears to lack the momentum to climb up further, with inquiries in the overall domestic market declining and a slowdown seen in transactions. Lately, purchases have mainly been from traders who entered the market at relatively lower price levels, while demand and purchases from mills have diminished. It has been learned that purchase prices from mills are generally lower than RMB 92,000/mt ($13,589/mt). As regards raw materials, market prices of vanadium pentoxide are mainly at about RMB 85,000/mt ($12,555/mt); and while the number of transactions for vanadium pentoxide has declined, quotations are still firm.