Indian ferrovanadium market inactive but price stable

BEIJING (Asian Metal) 26 Mar 09 – Due to the weakening economy and the end of fiscal year, Indian ferrovanadium market keeps quiet, and price is stable in the range of INR510-540/kg in the local market.

An Indian trader reported to Asian Metal that he has not concluded any deal of 50%min ferrovanadium in the last two weeks, and he expects the market to keep quiet until the beginning of April when consumers come to market for supplies of the new fiscal year.

The source revealed that the price of 50%min ferrovanadium is stable at slightly over INR500/kg in the Indian local market with all duties paid. According to him, a buyer came to him discussing about material to be delivered in April. “He bid at INR480/kg, and I refused,” the trader said and claimed that he would suffer losses if selling at below INR500/kg.

Another Indian trader confirmed the price at INR510-520/kg duties paid for 50%min ferrovanadium, and it had been stable in the last several weeks. He also reported a quiet Indian market to Asian Metal, and thinks the reason is due to the end of the fiscal year.Asian Metal CopyrightAn Indian trader reported to Asian Metal that he has not concluded any deal of 50%min ferrovanadium in the last two weeks, and he expects the market to keep quiet until the beginning of April when consumers come to market for supplies of the new fiscal year.Asian Metal Copyright “Same as the western people, manufacturers try to keep inventory as low as possible in the end of the year so it looks good in the annual report.Asian Metal CopyrightThe source revealed that the price of 50%min ferrovanadium is stable at slightly over INR500kg in the Indian local market with all duties paid.Asian Metal Copyright”

The source believes that the economy in India would not fall as badly as in Europe and America, but everyone feels the down turn from global recession. “I hope we would see more activities after the new fiscal year starts, and everything back to normal later in the year.”