Industry News

China's economic woes send prices of steelmaking metals sliding

Views : 107
Update time : 2023-09-04 15:29:26

The price of vanadium and other metals used in steelmaking has dropped to lows not seen in several months as demand softens on the back of a slowing Chinese economy.

The European spot rate for ferrovanadium, the benchmark for vanadium, is recently hovering at around $32.35 a kilogram, down 21% from the year-to-date high recorded in March. The commodity, used as a steel additive, last touched the trough in November of last year.

Ferrosilicon, another ferroalloy, now trades for about $1,300 a tonne in Asia, more than 20% cheaper than the start of the year.

The cost to import Chinese-produced magnesium into Japan is now about $3,250 a tonne, down 20% to 30% from the $4,000-plus readings seen in April.

Causing the downside trends is the receding demand in China, where a troubled real estate market has depressed housing construction.

The major developer China Evergrande Group filed for bankruptcy protection in the U.S. this month, and concerns are growing over a possible default by industry peer Country Garden Holdings.

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11