Chinese prices of vanadium nitride (VN) began softening from the start of this week as domestic carbon steel mills refused to pay the high prices the producers were demanding for their VN, market sources said on Tuesday. The mills argue that the price of the raw material the VN makers need, vanadium pentoxide (V2O5), is cheaper now given the increased supplies, and the producers should pass along the savings to customers.
As of August 24, China’s national price of VN was at Yuan 167,000/tonne ($24,165/t) and including 13% VAT, according to Mysteel’s assessment, down by Yuan 500/t on week and returning to the same level as at the beginning of August. Most Chinese steel mills have almost completed their procurement of VN
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