Over the past week China's ferromolybdenum market registered a slight softening trend, as steel producers have continued to reduce their purchases while some have also lowered their purchase prices. On the other hand, local ferrovanadium market prices have been stable in general.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 150,000 | -2,000 | 21,994 | -293 |
Ferrovanadium | V50 | Panzhihua | 108,000 | - | 15,836 | - |
China's domestic ferromolybdenum market has softened over the past week. The mainstream quotations in the market are at RMB 148,000-152,000/mt ($21,701-22,287/mt), down RMB 2,000/mt ($293/mt) week on week, while market quotations for domestic origin ferromolybdenum concentrate (45 percent grade) are at RMB 2,300/mtu ($337/mtu), down RMB 50/mtu ($7/mtu) week on week. International prices have also trended downwards, with the current prices of bottled molybdenum oxide at $17-17.5/lb and with the European delivery prices of 60 percent Mo at $42-44/kg Mo.
In the past week China's ferromolybdenum market registered a slight price decline. With steel mills reducing their purchase volumes after the May Day holiday, some steel producers have also lowered their purchase prices. It is heard that mills in northern China have lowered their purchase price from RMB 150,000/mt ($21,994/mt) to RMB 148,000/mt ($21,701/mt). Looking at the current market situation, due to the higher inventories of mills as regards molybdenum ore and ferromolybdenum, along with the slower business observed in the market, the domestic ferromolybdenum market seems likely to maintain its weak trend in the near term.
On the other hand, the Chinese ferrovanadium market was basically stable during the past week. Domestic quotations of ferrovanadium (50 percent) are now in the range of RMB 106,000-110,000/mt ($15,249-16,129/mt), with vanadium pentoxide (98 percent flakes) standing at RMB 100,000-102,000/mt ($14,663-14,956/mt). Meanwhile, in the international market, quotations of ferrovanadium were unchanged compared with the previous week, with vanadium pentoxide (98 percent flakes) at $7.3-7.7/lb, while market quotations of ferrovanadium (V70-80) are at €33.5-34.5/kg.
Currently, slower activity is observed in the local ferrovanadium market, while the purchase prices of domestic steel mills are mainly at RMB 107,000-109,000/mt ($15,689-15,982/mt). At present, some mills are maintaining a wait-and-see approach to the market, hoping for a more favorable price for ferrovanadium. As for traders, they have slowed down their purchase activities due to their relatively high inventories.