GLOBAL VANADIUM WRAP: Chinese exporters raise offers on recovering European market; US prices flatline
Date:May 2, 2018
Chinese ferro-vanadium exporters increased their offer prices in the week to Friday April 27 amid recovering prices in Europe, while US ferro-vanadium prices stagnated due to inactivity in the spot market.
- Chinese ferro-vanadium export prices tick up on the back of European recovery
- European market firm week on week on thinning spot inventories
- US ferro-vanadium price stagnates on market inactivity
Chinese ferro-vanadium offers rose to chase the price recovery in Europe, while the export price range for vanadium pentoxide (V2O5) narrowed, Metal Bulletin learned in the latest pricing session.
Metal Bulletin assessed fob China ferro-vanadium price min 78% at $66-69 per kg on Thursday April 26, moving up by $1 on the high end of the range week on week.
“Seeing the price recovery in Europe this Wednesday from the downtrend over the past two weeks, some Chinese exporters lifted offers. I raised my offers to $68 from last week’s $66,” a major exporter told Metal Bulletin.
“I received more inquiries this past week than before and, though no deals have been concluded so far, I am not pessimistic about the market because downstream demand will be supported by the robust steel industry,” another exporter said, adding that he is offering ferro-vanadium at $67 per kg.
Meanwhile, Metal Bulletin’s price quotation for fob China V2O5 narrowed lower to $14.40-15.10 per Ib on Thursday from the prior week’s assessment of $14.20-15.50 per lb.
“[Chinese] exporters adjusted their offers lower this past week, as they saw the falling European prices, and few buying activities had been seen over the past two weeks,” one major V2O5 exporter said.
European markets soften
Meanwhile, the European ferro-vanadium market continued to trend downward due to profit-taking among traders.
Spot prices for European ferro-vanadiumnarrowed to $68-69.50 per kg on Friday, delivered duty-paid, down 35 cents on the high from $68-69.85 per kg during the mid-week assessment.
A quietening market over the second half of the week saw prices settle back into the current range, after the first half of the week was characterized by price strength.
