BEIJING (Asian Metal) 22 Aug 19 – Currently, mainstream prices for Chinese vanadium nitride stand at RMB201,000-204,000/t (USD37.0-37.5/kg V) EXW D/A 180 days, down by RMB24,000/t (USD4.4/kg V) from late last week. As prices of downstream rebar keep dropping, steel mills refuse to accept high price level for vanadium nitride. Insiders believe prices of vanadium nitride would keep dropping in the coming week.
A producer in Fujian quotes their vanadium nitride at RMB198,000/t (USD36.4/kg V) EXW D/P and can accept RMB195,000/t (USD35.9/kg V) for firm bids, down by RMB23,000/t (USD4.2/kg V) from last week. “We just sold 20t at RMB195,000/t (USD35.9/kg V) this Tuesday. As prices of rebar have drop to around RMB3,600/t (USD0.51/kg), our steel mill clients refuse to accept higher price level for vanadium nitride now,” said the source. He believes prices of vanadium nitride would drop to RMB192,000/t (USD35.3/kg V) in the coming week.
With an annual production capacity of 1,200t for vanadium nitride, they produced 80t in July and expect the same volume in August, holding no stock now.
A consumer in Fujian claimed the lowest quotation for vanadium nitride he received keeps around at RMB192,000/t (USD35.3/kg V) EXW D/P, down by RMB25,000/t (USD4.6/kg V) from early last week. “We bought 20t at RMB217,000/t (USD39.9/kg V) early last week. As mainstream prices keep dropping, I believe I can buy at no more than RMB190,000/t (USD34.9/kg V) at the end of this month,” said the source. He has sent inquiries for another 20t to their regular suppliers and his target price is RMB185,000/t (USD34.0/kg V). Though no supplier accept it yet, he believes prices of vanadium nitride would drop to this price level in the coming week.
With an annual consumption capacity of 720t for vanadium nitride, they expect to consume 40t in August, unchanged from July, holding 20t of stocks now.
www.asianmetal.com
