Vanadium alloy products prices in China continued to trend upward in the week to Thursday December 3, after suppliers lifted their offers further in response to a wave of stockpiling activity among domestic mills, market sources told Fastmarkets.
Stockpiling activity among mills supports alloy prices
Chinese vanadium alloy producers generally raised their offer prices after a large number of domestic steel mills returned to the market to purchase vanadium alloy products, with some wanting higher-than-expected tonnages, market sources said.
Fastmarkets' assessment of
vanadium nitrogen, basis 77% V, 16% N, exw China stood at 128,000-130,000 yuan ($19,594-19,900) per tonne on Thursday, up by 3.2% from 124,000-126,000 yuan per tonne previously.
Chinese mills typically purchase vanadium alloy products at either the end or the beginning of a month, Fastmarkets understands.
"Mills re-entered the market to initiate a new round of restocking as expected, which boosted market sentiment to a large degree and this is especially the case when it seems that demand from mills is largely stable or even better than expected," a Chinese market source said.
Previously, there were concerns...