Deals for vanadium nitrogen, for instance, were heard to have been concluded at 152,000 yuan ($21,375) per tonne recently, compared with a transaction price of about 149,000 yuan per tonne as of May 12. Both prices are paid on acceptance and include value-added tax (VAT).
Domestic steel mills' restocking activity
, together with their higher procurement prices, in the week either before or after the Labor Day holiday break (May 1-5) helped many alloy producers alleviate their inventories and financial pressure, which led to them becoming reluctant to sell off stocks at hand at lower prices, market sources said.
While end-user demand for steel products has gradually resumed - now that the Covid-19 pandemic is effectively under control in the country - this encouraged domestic mills to procure more volumes of raw materials including alloy...