During the past week China's ferromolybdenum market registered an increase, while there was also a rise in the number of market transactions. At the same time, China's ferrovanadium market maintained its stable trend, with few purchases being concluded by the mills.
Product name | Specification | Place of origin | Price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
Ferromolybdenum | Mo60 | Jinzhou | 149,000 | +2,000 | 22,678 | +304 |
Ferrovanadium | V50 | Panzhihua | 100,500 | - | 15,297 | - |
Steel mills step up their ferromolybdenum purchases
Mainstream quotations in the ferromolybdenum market in Jinzhou are at RMB 148,000-150,000/mt ($22,527-22,831/mt), up RMB 2,000/mt ($304/mt) week on week. Meanwhile, market quotations for domestic origin molybdenum concentrate (45 percent grade) are currently at RMB 2,150-2,200/mtu ($327-335/mtu).
In the past week, China's ferromolybdenum market registered an overall increase. In recent days, some domestic mills have started their purchases. Ferromolybdenum transactions concluded in China in the previous week totaled 1,200 mt, while transactions in the past week amounted to about 1,500 mt. Accordingly, producers have raised their offers moderately, increasing them by RMB 2,000/mt ($304/mt) compared to the price in the previous week. In addition, the molybdenum concentrate market has also rebounded slightly, though most ferromolybdenum enterprises are now reported to have high inventories of molybdenum concentrate.
Players maintain wait-and-see stance in ferrovanadium market
On the other hand, the ferrovanadium market in China has been stable in the past week. At present, domestic quotations of ferrovanadium (50 percent) in China are in the range of RMB 100,000-102,000/mt ($15,221-15,525/mt), unchanged week on week, while prices of vanadium pentoxide (98 percent flakes) in China are standing at RMB 92,000-94,000/mt ($14,003-14,307/mt), also unchanged week on week. Meanwhile, in Europe, the ferrovanadium market has been indicating a slight weakness. Quotations of vanadium pentoxide (98 percent flakes) in Europe are currently at $6.85-7.45/lb, while market quotations of ferrovanadium (V70-80) have remained at $30.31-31.65/kg.
In the past week, China's domestic ferrovanadium market has remained stable. Most mills have not yet entered the market to start purchases. Traders and stockists have not been so interested in the offered price of RMB 98,000/mt ($14,939/mt), due to weak demand. On the other hand, most ferrovanadium producers have kept their offers above RMB 100,000/mt ($15,221/mt). Market players are all maintaining a wait-and-see stance. In the meantime, activity in the vanadium pentoxide (98 percent flakes) market has also been slack, with few inquiries from ferrovanadium-processing enterprises and few transactions seen in the market. Even so, quotations from producers of vanadium pentoxide (98 percent flakes) have remained at about RMB 93,000/mt ($14,155/mt).