China's special alloy market has remained stable after the holiday. Steel mills and traders have been slow to return to the market and the transaction situation has been quiet. Currently, producers are inclined to raise their prices, and so domestic prices of ferrovanadium and ferromolybdenum are likely to climb up slightly in the coming period.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 132,000 | - | 19,672 | - |
Ferrovanadium | V50 | Panzhihua | 99,000 | - | 14,776 | - |
Over the past week China's domestic ferromolybdenum market has remained at unchanged levels. The mainstream quotations in the market in Jinzhou are at RMB 130,000-133,000/mt ($19,403-19,851/mt), unchanged week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 1,950-2,000/mtu ($291-299/mtu), unchanged week on week. International ferromolybdenum prices have continued to decrease, with the current prices of bottled molybdenum oxide at $14.9-15.2/lb and with the European delivery prices of 60 percent Mo at $38-40/kg Mo.
Since the situation as regards demand in the ferromolybdenum market is still uncertain and as most steel mills are adopting a wait-and-see policy, further observation is required to see how China's ferromolybdenum market will trend in the coming period.
Ferrovanadium prices in China have been following a stable trend of late. Currently, domestic quotations of ferrovanadium (50 percent) are now in the range of RMB 98,000-10,000/mt ($14,627-14,925/mt), unchanged week on week, with prices of vanadium pentoxide (98 percent flakes) standing at RMB 90,000-92,000/mt ($13,433-13,731/mt), unchanged week on week. Meanwhile, in Europe, the ferrovanadium market has followed a stable trend. Quotations of vanadium pentoxide (98 percent flakes) are at $6.8-7.1/lb, while market quotations of ferrovanadium (V70-80) are at $30-31/kg.
The Chinese domestic ferrovanadium market has been quiet recently and players have been adopting a wait-and-see policy. Some ferrovanadium enterprises report that fewer inquiries have been heard in the market lately, and so prices have remained unchanged from previous levels. The steel mills finished their purchases before the National Day holiday, when mainstream offers were at RMB 98,000-99,000/mt ($14,648-14,798/mt). After the holiday, the steel mills have still not returned to the market, and it is expected that the mills will not make purchases of ferrovanadium until mid-October.