Chinese ferro Vanadium suppliers raise their offers

Some Chinese vanadium suppliers have raised the offer of the material in the past two days, but the demand from buyers remains slow.
A Liaoning-based trader reported that they raised the offer of ferrovanadium 50% from RMB110,000/t (USD7.30/b) ex works to RMB120,000/t (USD7.96/b) ex works and vanadium penoxite flake from RMB100,000/t (USD6.64/b) ex works to RMB106,000/t (USD7.03/b) ex works. The source thinks the demand from buyers is slow now.
"In fact, we have no idea why the price of the material could go up. As some suppliers raised the offer of the material, we just followed suit," reported the source.
The source also reported that they have concluded less than 20t of ferrovanadium this month. After the price increase, they received some enquiries from buyers but no orders.
A Hunan-based smelter confirmed the market situation. The source also raised the offer of ferrovanadium 50% from RMB110,000/t ex works to RMB120,000/t ex works but revealed no deal has been reached so far.
"The supply of the material is tightening because a lot of smelters have halted production in the past few months, and I believe that should be the main reason for the price increase," said the source.
The source used to run with an output of 60t of ferrovanadium per month but halted production in the previous month.
However, a Sichuan-based smelter believes that there is no reason for the price of the material to go up at the present time, as the market is still lack of demand now. He thinks the price of the material should be stabilized at RMB110,000/t ex works for ferrovanadium 50% and USD8/b FOB CMP for vanadium penoxite flake. But he also believes that the price of the material will not come down, as a lot of smelters have halted production and the present price is already close to the production cost.