BEIJING (Asian Metal) 29 May 23 – As rebar market kept soft, Chinese ferrovanadium 50%min market prices couldn’t get effective support from terminal users and the market mentality turned negative again over the past week. Currently, the mainstream prices of Chinese ferrovanadium 50%min stand at RMB114,000-116,00/t (USD32.4-33/kg V) Delivered D/P, down by RMB2,000/t (USD0.6/kg V) from early last week. Considering that few buyers would like to build more inventory, insiders believe that the mainstream prices of Chinese ferrovanadium 50%min would drop slightly in the coming week.
“Few steel mills would like to build more ferrovanadium 50%min inventory now as most of them would reduce consumption in June and July. In order to clear our inventory as soon as possible, we could possibly accept prices no less than RMB114,000/t (USD32.4/kg V) Delivered D/P now,” said a trader in North China. They just sold 5t at this price late last week. However, they refused to sell at any prices below RMB116,000/t (USD33/kg V) early last week. Prices of vanadium pentoxide flake 98%min they inquired also dropped by about RMB3,000/t (USD0.2/lb V2O5) over the past week to the latest around RMB106,000/t (USD7/lb V2O5) EXW D/P. In view of the dropping raw material prices, they predict that the mainstream prices of Chinese ferrovanadium 50%min would move down to around RMB112,000/t (USD31.9/kg V) in the following week.
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