Indian ferrovanadium market in slight price corrections
2013-12-02 10:39:11 [Print]
BEIJING (Asian Metal) 2 Dec 13 - Indian ferrovanadium 50%min grade market softened some INR20/kg (USD0.64/kg V) at close of business last Friday to seeing deals concluding in the range of INR840-870/kg (USD26.88-27.84/kg V) ex warehouse and, despite no cheap offers of vanadium sludge and stable vanadium pentoxide quotations, dealers find it difficult at achieving bids at the higher end.
A Mumbai-based trader confirmed the ease of getting ferrovanadium 50%min at INR840/kg (USD26.88/kg V) and claimed to have offered material at INR865/kg (USD27.68/kg V) ex warehouse but the material was not booked. “The price has softened a little bit,” said the trader but however sold 2 and 3t-lot to different buyers respectively at INR845/kg V (USD27.04/kg V) and INR855/kg (USD27.36/kg V) ex warehouses with payment term under 30days.
A converter claim to be offering ferrovanadium 50%min material at INR870/kg (USD27.84/kg V) ex works and could consider bids at as low as INR850/kg (USD27.20/kg V) ex works only on condition of advance or prompt payment. The domestic converter argued because the company uses vanadium sludge with its current price at above INR525/kg, they are less influenced by the fluctuations in international market trend, adding “only traders with imported material could worry on high and unpredictable international exchange rate.”
However, traders confirmed to Asian Metal that because the international price of ferrovanadium material is just below USD25.00/kg V, it is difficult to convince Indian buyers at paying more than INR840-845/kg (USD26.88-27.04/kg V) ex warehouse which is inclusive of 5% import duty and trade margins.
And with stable exchange rate, cost of importing vanadium pentoxide is unchanged as cargoes are being delivered to Indian ports in the firm range of USD5.80-5.85/lb CIF Nhava Sheva and traders confirmed low but steady demand as end-users make purchases on piecemeal basis.
Exchange rate: INR62.50: $1
A Mumbai-based trader confirmed the ease of getting ferrovanadium 50%min at INR840/kg (USD26.88/kg V) and claimed to have offered material at INR865/kg (USD27.68/kg V) ex warehouse but the material was not booked. “The price has softened a little bit,” said the trader but however sold 2 and 3t-lot to different buyers respectively at INR845/kg V (USD27.04/kg V) and INR855/kg (USD27.36/kg V) ex warehouses with payment term under 30days.
A converter claim to be offering ferrovanadium 50%min material at INR870/kg (USD27.84/kg V) ex works and could consider bids at as low as INR850/kg (USD27.20/kg V) ex works only on condition of advance or prompt payment. The domestic converter argued because the company uses vanadium sludge with its current price at above INR525/kg, they are less influenced by the fluctuations in international market trend, adding “only traders with imported material could worry on high and unpredictable international exchange rate.”
However, traders confirmed to Asian Metal that because the international price of ferrovanadium material is just below USD25.00/kg V, it is difficult to convince Indian buyers at paying more than INR840-845/kg (USD26.88-27.04/kg V) ex warehouse which is inclusive of 5% import duty and trade margins.
And with stable exchange rate, cost of importing vanadium pentoxide is unchanged as cargoes are being delivered to Indian ports in the firm range of USD5.80-5.85/lb CIF Nhava Sheva and traders confirmed low but steady demand as end-users make purchases on piecemeal basis.
Exchange rate: INR62.50: $1
Vanadium Pentoxide Flake 92%min In port China
Unit:RMB/mt
China ferrovanadium producers' suspension number statistics by province by month
Unit: pcs
