Xinyu Steel Finishes Bidding For Ferrovanadium

BEIJING (Asian Metal) 30 Aug 19 – Xinyu Iron & Steel Group Co., Ltd. finished its bidding for ferrovanadium 50%min on August 29. They bought 30t at RMB138,000/t (USD38.6/kg V) Inc-VAT delivered D/A 180 days. 

The bidding price is higher than market expectation for RMB1,000/t (USD0.3/kg V), which will help reduce low-prices transactions in spot market.

This Friday, mainstream prices for Chinese ferrovanadium 50%min stand at RMB136,000-139,000/t (USD38.1-38.9/kg V) EXW D/A 180 days, up by RMB1,000/t (USD0.3/kg V) from last week. Some suppliers are trying to increase their quotation slightly but steel mills refuse to accept as prices of rebar still keep dropping. Insiders believe prices of ferrovanadium would keep firm in the coming week.