Quickly rising vanadium prices drives Benxi Steel Group to cut ferrovanadium purchases
Date: Sep 27, 2018
BEIJING (Asian Metal) 27 Sep 18 – Vanadium prices in China keep going up dramatically to hit new highs in the recent time and even show a potential of topping the highest price level in 2004. Seeing such a quick rising trend, downstream consumers choose to watch on the sidelines, putting off or cutting their purchases. A source from Benxi Steel Group revealed to Asian Metal that the company cuts its purchase volume in late September by four fifths.
A source from the company said, “Vanadium prices move up at rates absolutely beyond our expectations. Last week we sent an enquiry on ferrovanadium 50%min, which suppliers quoted at RMB360,000/t (USD104.75/kg V) at least, while so far by today quotations have risen to RMB420,000/t (USD122.21/kg V). As prices rise too quickly within a short period of time, it becomes quite difficult for us to purchase the material.” The company originally planned to purchase 50t of ferrovanadium 50%min via bidding in late September, but affected by such rising prices, it decided to purchase only 10t at first and expected to nail down its final purchase volume after the National Day holiday.
