Indian ferrovanadium prices increasing on tight domestic vanadium sludge supply
2015-06-04 08:44:57 [Print]
BEIJING (Asian Metal) 4 Jun 15 - Although participants have confirmed there is not much change in ferrovanadium 50%min demand by end-users, deal prices continue to get firmer on account of tight domestic vanadium sludge supply and high offer prices of vanadium pentoxide imported from overseas suppliers.
According to converter-sources, ferrovanadium 50%min deals are now being concluded directly to end-users at INR740-770/kg (USD23.2-24.1/kg V) ex works, thus confirming a price increase of INR20.0/kg (USD0.63/kg V) ex works in the last two days from the previous level at INR720-750/kg (USD22.6-23.5/kg V) ex works.
In a 7-day period, however, ferrovanadium 50%min prices have risen by INR50.0/kg (USD1.57/kg V) ex works from the last week’s mainstream deal prices at INR690-720/kg (USD21.6-22.6/kg V) ex works and this increase of 6.94-7.25% is, in part, directly caused by tight supply and subsequent increase in the price of domestically-produced vanadium sludge by about INR90.0/kg (USD1.09/lb V2o5) ex works with new purchase deals now concluding at about INR500/kg (USD3.78/lb V2o5).
“Now there is less supplies of vanadium sludge from Indian Aluminum producers and we are forced to increase our ferrovanadium prices,” remarked an official of a domestic ferrovanadium 50%min converter who revealed the company is currently selling its ferrovanadium 50%min from inventory at, depending upon payment term of up to 90 days, INR750-780/kg (USD23.5-24.4/kg V) ex warehouse.
Equally reinforcing the firm market trend with higher prices in spite of stable end-user demand for ferrovanadium 50%min is the increasing cost of vanadium pentoxide – which is wholly sourced from overseas suppliers for domestic consumption – and this week, a potential buyer confirmed mainstream offers and stated the company received an offer from a Chinese supplier at USD4.5/lb CIF Indian destination ports and had its buying bids rejected by the supplier at USD4.25/lb CIF Indian destination ports, declaring, “We can’t get cheap offers and we have yet to decide whether to raise bids proposal to USD4.35/lb CIF Indian ports.”
Exchange rate: INR63.85:$1
According to converter-sources, ferrovanadium 50%min deals are now being concluded directly to end-users at INR740-770/kg (USD23.2-24.1/kg V) ex works, thus confirming a price increase of INR20.0/kg (USD0.63/kg V) ex works in the last two days from the previous level at INR720-750/kg (USD22.6-23.5/kg V) ex works.
In a 7-day period, however, ferrovanadium 50%min prices have risen by INR50.0/kg (USD1.57/kg V) ex works from the last week’s mainstream deal prices at INR690-720/kg (USD21.6-22.6/kg V) ex works and this increase of 6.94-7.25% is, in part, directly caused by tight supply and subsequent increase in the price of domestically-produced vanadium sludge by about INR90.0/kg (USD1.09/lb V2o5) ex works with new purchase deals now concluding at about INR500/kg (USD3.78/lb V2o5).
“Now there is less supplies of vanadium sludge from Indian Aluminum producers and we are forced to increase our ferrovanadium prices,” remarked an official of a domestic ferrovanadium 50%min converter who revealed the company is currently selling its ferrovanadium 50%min from inventory at, depending upon payment term of up to 90 days, INR750-780/kg (USD23.5-24.4/kg V) ex warehouse.
Equally reinforcing the firm market trend with higher prices in spite of stable end-user demand for ferrovanadium 50%min is the increasing cost of vanadium pentoxide – which is wholly sourced from overseas suppliers for domestic consumption – and this week, a potential buyer confirmed mainstream offers and stated the company received an offer from a Chinese supplier at USD4.5/lb CIF Indian destination ports and had its buying bids rejected by the supplier at USD4.25/lb CIF Indian destination ports, declaring, “We can’t get cheap offers and we have yet to decide whether to raise bids proposal to USD4.35/lb CIF Indian ports.”
Exchange rate: INR63.85:$1
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