BEIJING (Asian Metal) 30 Oct 19 – Currently, mainstream prices for Chinese vanadium nitride stand at RMB164,000-167,000/t (USD30.1-30.7/kg V) EXW D/A 180 days, down by RMB4,000/t (USD0.7/kg V) from this Monday. Steel mills refuse to buy at high price level and most suppliers are facing high pressure to reduce their stocks. Insiders believe prices of vanadium nitride would continue the declining trend in the coming week.
A trader in North China claimed the current quotation for vanadium nitride he received stands at RMB168,000/t (USD30.9/kg V) EXW D/A 180 days and can buy at RMB167,000/t (USD30.7/kg V) for firm bids, down by RMB3,000/t (USD0.6/kg V) from this Monday. “I heard Zhongtian Steel mill finished their purchase for 20t at RMB160,000/t (USD29.4/kg V), which is far from our expection,” said the source. He added, “We only buy according to orders now and won’t consider replenishing stocks now.” Their last deal was made two weeks ago, when they sold 30t at RMB190,000/t (USD34.9/kg V). He believes prices of vanadium nitride would drop to RMB160,000/t (USD29.4/kg V) in the coming week.
With a regular trading volume of 100t, they sold about 1,000t in 2018 and have sold 750t this year. They expect to sell 80t in October, unchanged from September, holding 60t of stocks now, down by 20t from late last month.
A trader in South China noted the lowest quotation for vanadium nitride he received dropped to RMB165,000/t (USD30.3/kg V) EXW D/A 180 days, down by RMB3,000/t (USD0.6/kg V) from this Monday. “We sold out all the 20t of stocks early last week at RMB180,000/t (USD33.1/kg V). I heard from our steel mill client that their target purchase price keeps at RMB160,000/t (USD29.4/kg V). For this price level, there would be no profit margin for traders, so we won’t build stock anymore,” said the source. He believes prices of vanaidum nitride would drop by RMB5,000/t (USD0.9/kg V) in the coming week.
With a regular trading volume of 30tpm, they sold 300t in 2018 and have sold 200t this year. They expect to sell 30t in October, the same with September. They have no inventory now, down by 20t from last month.
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