BEIJING (Asian Metal) 25 Jun 19 – Currently, mainstream transaction prices for Chinese vanadium nitride stand at RMB197,000-200,000/t (USD37.2-37.8/kg V) EXW D/A 180 days, down by RMB3,000/t (USD0.6/kg V) from last week. Most producers intend to keep their prices firm, but as downstream steel mills are inactive in making purchases, market demand fails to provide enough momentum to drive vanadium nitride prices up. At the same time, rebar prices keep dropping. For these reasons, prices for Chinese vanadium nitride are expected to be relatively stable in the coming week.
A producer in North China quotes vanadium nitride at RMB200,000/t (USD37.8/kg V) EXW D/A 180 days now, down by RMB3,000/t (USD0.6/kg V) from last week. He said, “Early this week steel mills with which we have long-term cooperation required us to provide quotation for vanadium nitride. Considering that rebar prices drop sharply, we cut our quotation from the level last week. We do this also in hope of getting orders from steel mills.” The source last sold 20t of the material to a trader at RMB200,000/t (USD37.8/kg V) EXW D/P early last week, and believes that Chinese vanadium nitride prices would stay relatively stable in the coming week.
With an annual production capacity of 960t for vanadium nitride, the source is out of production in June for equipment maintenance, and produced 70t in May, holding no stocks now.
A trader in Northwest China reveals that most quotations they receive now for vanadium nitride are around RMB198,000/t (USD37.4/kg V) EXW D/A 180 days, down by RMB2,000/t (USD0.4/kg V) from last week. He said, “Now there are few steel mills inviting bidding for vanadium nitride, and most transactions on the market are concluded between traders and producers. Price movement won’t show a clear development trend until steel mills unveil their purchasing prices. But considering the current downward price trend for rebar, I believe that it’s of a small possibility that steel mills will purchase the material in large quantities at over RMB200,000/t (USD37.8/kg V).” The source now takes a wait-and-see attitude. They have received no orders so far in June and won’t make sales at prices below their quotation for the time being.
Typically trading 40tmp of vanadium nitride, the source has made no sales so far in June and sold 40t in May, holding no stocks now.
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