Vanadium Weekly Review During 24-28 July, 2023

www.ferroalloynet.com: Vanadium market is going with steady this week. Firstly, the overall market price was stable in the early week with the new round of steel bidding although it also was declining a bit. Then cheered by the positive macro policy on real estate, V2O5 flake market prices rebounded a bit and companies also become encouraged which also pushed the market. And cheered by the positive macro policy and active steel bidding in the early August, it is forecasted that the overall vanadium market next week will strengthen a bit.

1. Summary of Vanadium Biddiding in July 2023

Company	Products	Price ( CNY/T)	Quantity ( Ton)	Basis	Date
One steel mill in Xinjiang	FeV50	118,000	30	Acceptance with tax	3^rd July
One steel mill in Fujian	VN16	163,900	30	Cash with tax	4^th July
Yunnan Chenggang	VN16	163,600	30	Cash with tax	4^th July
One steel mill in Liaoning	V77N16	168,000	75	Acceptance with tax	4^th July
One steel mill in Liaoning	V77N16	168,000	75	Acceptance with tax	4^th July
JISCO Yuzhong Iron & Steel	V77N16	167,500	30	Acceptance with tax	4^th July
One steel mill in Shandong	VN16	163,800	60	Cash with tax	5^th July
Anhui Changjiang Steel	VN16	165,000	90	Acceptance with tax	6^th July
Shougang Tonggang	VN16	164,570	15	Cash with tax	6^th July
Shaogang Steel	VN16	165,000	190	Acceptance with tax	7^th July
Shougang Changzhi	VN 16	164,200	20	Acceptance with tax	7^th July
Zenith Steel Group	VN16	164,000	75	Acceptance with tax	7^th July
One steel mill in Hunan	VN16	165,000	20	Acceptance with tax	7^th July
One steel mill in Jiangsu	FeV50	115,100	60	Acceptance with tax; including bidding service fee	10^th July
Shaogang	FeV50	114,500	64	Acceptance with tax	12^th July
EGANG	FeV50	114,500	20	Acceptance with tax	12^th July
Minyuan Iron & Steel	V77N16	159,000	20	Cash with tax	13^th July
One steel mill in Shandong(Rizhao)	FeV50	117,500	30	Acceptance with tax	13^th July
One steel mill in Shandong(headquarters)	FeV50	115,500	30	Cash with tax	13^th July
Wugang Xiangyang	FeV50	115,300	10	Acceptance with tax	13^th July
One steel mill in Henan	FeV50	112,600	10	Cash with tax	13^th July
One steel mill in Hebei	VN16	165,300	35	Acceptance with tax	13^th July
One steel mill in Shandong	VN16	162,000	60	Cash with tax	13^th July
Kunming Iron & Steel(Anning Base)	VN16	163,500	20	Cash 60% +6 month bank acceptance 20% +6 month commercial acceptance 20%	14^th July
Shougang Changzhi	VN16	163,450	20	Acceptance with tax	14^th July
JISCO Yuzhong Iron & Steel	V77N16	167,000	30	Acceptance with tax	14^th July
One steel mill in Henan	FeV50	115,000	20	Acceptance with tax	18^th July
One steel mill in Hunan	FeV50	114,000	30	Acceptance with tax	18^th July
One steel mill in Hebei	V75N16	160,000	160	Cash with tax	18^th July
One steel mill in East China	FeV50	115,200	20	Acceptance with tax	19^th July
One steel mill in Southwest	FeV50	114,500	33	Acceptance with tax	19^th July
One steel mill in Shandong	VN16	162,000	60	Cash with tax	20^th July
Hubei Jin Shenglan	VN16	160,000	20	Cash with tax	21^st July
Yunnan Chenggang	VN16	159,900	30	Cash with tax	24^th July
One steel mill in Shandong	VN16	162,000	150	Cash with tax	25^th July
Anhui Changjiang	VN16	162,000	60	Acceptance with tax	26^th July
Minyuan Iron & Steel	V77N16	159,800	20	Cash with tax	26^th July
Shougang Changzhi	FeV50	119,000	10	Acceptance with tax	27^th July

2. China vanadium market overview

Ammonium metavanadate market

This week, ammonium metavanadate market stays stable with the price standing at 100,000-101,000 CNY/T by cash with tax. Recently there is not any positive or negative news for the market. As far as downstream buyers are concerned, it is not easy to purchase ammonium metavanadate at low prices but have to get goods at high prices, and the market trading atmosphere is normal.

V2O5 Market

The market for V2O5 flake also stands still with the price at105,500-106,000 CNY/T by cash with tax. At the beginning of the week, the recruitment of vanadium nitrogen alloy from steel mills was stable although it was still weak, and the support of terminal alloys was weakened. Affected by this, the intended purchase price of VN alloy factories decreased, and the transaction price fell by 500 CNY/T. In the middle of the week, as the alloy market remained stable and inquiries from traders increased, some V2O5 flake producers insisted the quotations, which made the price returning to the level at the beginning of the week.

Ferro-Vanadium Market

The ferrovanadium market also goes flat this week with the mainstream prices at 114,00-116,000 CNY/T by acceptance with tax. The key reason for this price steady is that the raw materials market is relatively going stable. And on the other hand, there is no obvious benefit on the demand side, and the push up of ferrovanadium prices is a little weak. However, the producers also would not like to reduce the prices which put the market into the dilemma.

Vanadium Nitrogen Market

This week, the vanadium nitride alloy market doesn’t get any improvement with the prices edging down to 161,000-163,000 CNY/T by cash with tax, a small drop of 1,000 CNY/T a week. A new round of steel bidding kicked off at the beginning of the week while steel mills still purchased at low prices. In the middle of the week, the positive macro policy on the newest round of optimization in China’s real estate policy was expected to inject fresh energy into economic recovery, coupled with the quotations of V2O5 flake rebounded slightly, the confidence of vanadium enterprises was boosted. And the quotations of VN alloy factories became firmer, the low-priced resources decreased, and the market atmosphere became stronger.

3. Vanadium worldwide market review

On July 26, European ferrovanadium price was 31.6-33.01 (up 0.35) USD/Kg V, equivalent to the price of ferrovanadium50 about 112,700-117,700 CNY/Ton; European vanadium pentoxide was 7.5-8.76 USD/Lb, equivalent to vanadium pentoxide98% about 115,500-134,900 CNY/Ton; U.S. ferrovanadium was 16-16.5 USD/Lb V, equivalent to the price of ferrovanadium50 about 125,800-129,700 CNY/Ton.

4. Forecast on next week

FerroAlloyNet is expected that the overall vanadium market next week may edge up slightly. It is expected that the new round of steel bidding in the early month may become active and the raw material cost may stay firm as Tranvic mentioned that they may insist the long-term order price at 108,000 CNY/T delivery by A/P and 106,500 by cash with tax. With this strong cost, the overall quotation from VN alloy may not reduce and which put the steel bidding to be hard to go with lower prices. However, the overall supply remains to be overdue at present which makes the overall price may not get dramatically growth.

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