BEIJING (Asian Metal) 8 May 23 – Due to the soft rebar market, Chinese vanadium nitride market saw weak demand and the market mentality kept going down during the past week. Currently, the mainstream prices of Chinese vanadium nitride stand at RMB153,000-156,000/t (USD28.7-29.3/kg V) Delivered D/A 180 days, down by RMB8,000/t (USD1.5/kg V) from late last month. Considering that few buyers would like to add inventory and the sufficient supply continues, insiders expect that the mainstream prices of Chinese vanadium nitride would keep declining in the coming week.
“Our regular steel mill clients reduced their monthly demand by at least 50% and we have to drop our price to promote sales in spot market. For firm bids, we could accept RMB153,000/t (USD28.7/kg V) Delivered D/P now,” said a producer in North China. They just sold 20t of vanadium nitride at this price level late last week. However, they refused to sell at any prices below RMB160,000/t (USD30.1/kg V) late last month. Prices of vanadium pentoxide flake 98%min they inquired also dropped to the latest around RMB100,000/t (USD6.7/lb V2O5) EXW D/P. Considering that raw material prices couldn’t offer any effective support and they face increasing inventory pressure, they believe that the mainstream prices of Chinese vanadium nitride would drop below RMB150,000/t (USD28.2/kg V) in the coming week.
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