Chinese sellers rise export prices, or decline to offer, as domestic prices continue to soar
European, US prices follow suit, supported by trader buying
Higher prices on the horizon as long as Chinese premium holds
Metal Bulletin assessed Chinese ferro-vanadium prices at $40.60-44 per kg, fob, on Thursday July 27, compared with $30-33 per kg seven days earlier, marking a rise of 34.3% week-on-week. The move reflects an average price increase of about 10,000 yuan per day over the past week, as sellers immediately raised their offers in the export market after domestic prices rallied.
The big move has been facilitated by tighter supplies as a result of environmental inspections in the major production hub of Sichuan province. Stocks were relatively low ahead of the closures being announced, aggravating the effect on spot prices, market sources told Metal Bulletin.
In the domestic market, ferro-vanadium was offered in a range 170,000-180,000...