Chinese vanadium nitride prices down
2023-04-05 08:53:26 [Print]
BEIJING (Asian Metal) 5 Apr 23 - In view of the sufficient supply in spot market, Chinese vanadium nitride bidding prices kept moving down and the market mentality stayed negative during the past week. Currently, the mainstream prices of Chinese vanadium nitride stand at RMB194,000-197,000/t (USD36.9-37.5/kg V) delivered D/A 180 days, down by RMB4,000/t (USD0.8/kg V) from late last week. Considering that few consumers would like to add inventory and inquiries in spot market stay rare for the moment, insiders expect that the mainstream prices of Chinese vanadium nitride would move down further in the coming week.
"Steel mills only want to purchase at no more than RMB193,000/t (USD36.7/kg V) delivered D/P for the moment and have to loosen our price to promote sales just in order to avoid building too much inventory," said a producer in North China. They just sold 20t of vanadium nitride at RMB192,800/t (USD36.6/kg V) delivered D/P this Monday. However, they refused to sell at any prices below RMB197,000/t (USD37.5/kg V) just one week ago. Some trader contacted him this Tuesday and the target price only stays at around RMB190,000/t (USD36.2/kg V). In view of the growing inventory pressure, they expect that the mainstream prices of Chinese vanadium nitride would drop to around RMB190,000/t (USD36.2/kg V) in the coming week.
With an annual production capacity of 10,000t, they produced about 4,300t in 2022 and about 1,050t so far this year. They expect to produce about 350t this month, the same as March. They have around 200t of stocks now, unchanged MoM.
"Steel mills could easily purchase enough goods at around RMB192,000/t (USD36.5/kg V) delivered D/P for the moment as too many suppliers face increasing inventory. In order to guarantee our market competitiveness, we have to drop our price to the same price level," said another producer in North China. They last sold 20t of vanadium nitride at RMB195,000/t (USD37.1/kg V) late last week. Prices of vanadium pentoxide flake 98%min they inquired also moved down from RMB134,000/t (USD9.0/lb V2O5) EXW D/P one week ago to the latest around RMB130,000/t (USD8.7/lb V2O5). In view of the dropping market mentality, they predict that the mainstream prices of Chinese vanadium nitride would drop by about RMB2,000/t (USD0.4/kg V) in the following week.
With an annual production capacity of 2,400t, they produced about 1,660t in 2022 and about 360t in the first three months of 2023. They expect to produce about 120t this month, almost the same as last month, holding nearly 50t of stocks now, unchanged MoM.
"Steel mills only want to purchase at no more than RMB193,000/t (USD36.7/kg V) delivered D/P for the moment and have to loosen our price to promote sales just in order to avoid building too much inventory," said a producer in North China. They just sold 20t of vanadium nitride at RMB192,800/t (USD36.6/kg V) delivered D/P this Monday. However, they refused to sell at any prices below RMB197,000/t (USD37.5/kg V) just one week ago. Some trader contacted him this Tuesday and the target price only stays at around RMB190,000/t (USD36.2/kg V). In view of the growing inventory pressure, they expect that the mainstream prices of Chinese vanadium nitride would drop to around RMB190,000/t (USD36.2/kg V) in the coming week.
With an annual production capacity of 10,000t, they produced about 4,300t in 2022 and about 1,050t so far this year. They expect to produce about 350t this month, the same as March. They have around 200t of stocks now, unchanged MoM.
"Steel mills could easily purchase enough goods at around RMB192,000/t (USD36.5/kg V) delivered D/P for the moment as too many suppliers face increasing inventory. In order to guarantee our market competitiveness, we have to drop our price to the same price level," said another producer in North China. They last sold 20t of vanadium nitride at RMB195,000/t (USD37.1/kg V) late last week. Prices of vanadium pentoxide flake 98%min they inquired also moved down from RMB134,000/t (USD9.0/lb V2O5) EXW D/P one week ago to the latest around RMB130,000/t (USD8.7/lb V2O5). In view of the dropping market mentality, they predict that the mainstream prices of Chinese vanadium nitride would drop by about RMB2,000/t (USD0.4/kg V) in the following week.
With an annual production capacity of 2,400t, they produced about 1,660t in 2022 and about 360t in the first three months of 2023. They expect to produce about 120t this month, almost the same as last month, holding nearly 50t of stocks now, unchanged MoM.
