In the week Chinese vanadium market keeps weak with the low demand from steel mills, so some smelters have to decrease their output.
In Chinese domestic market, the demand for vanadium has not been warmed up, as most buyers are still watching the market, waiting for lower prices. In export market, although there are some deals concluded with foreign buyers, the concluded volume remains small and the price also keeps decreasing.
The price of ferrovanadium 50% moves down to about RMB175,000-185,000/t (USD50-53/kg)and the price of vanadium pentoxide flake 98% goes down to about RMB155,000-165,000/t (USD10.25-10.91/lb), but the demand remains weak. many smelters have to decrease their output and they hold pessimistic attitudes towards the future market.
Some Chinese suppliers offer USD13.0-13.5/lb CIF Rotterdam for vanadium pentoxide flake 98%, but they received few enquiries from foreign buyers.
In European market, most buyers are still watching the market and the price of ferrovanadium 80% reduces to below USD60/kg d.p. in warehouse Rotterdam. Due to the financial crisis, participants are cautious to purchase any materials.
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