The domestic vanadium market is pessimistic nowadays, and price is falling fast. Offers are different as cost, inventory and finance are different for producers. Some producers let go easily, others are more reserved. From the actual circumstance, there are lower offerings seen in the market.

　　1. Rebar Market Shaking in Low Position

　　The state commands Beijing-Tianjin-Hebei region to strengthen administrative system, break the regional barrier, and enhance the ecological protection according to relative policies.

　　Domestic Futures Market: the rebar futures market lightens up, RB1601 closing down at Yuan 2097/ton, minus Yuan 2/ton. Open inventory 2182918, Day underweight 58760.

　　Spot Market: 20mmHRB400 Shanghai rebar is at Yuan 2120/ton, plus Yuan 60/ton; Guangzhou Yuan 2300/ton, plus Yuan 20/ton; Beijing Yuan 2050/ton, plus 90/ton; Fuzhou Yuan 2250/ton, plus Yuan 40/ton.

　　2. Vanadium Raw Material Producers Having No Stability

　　The vanadium raw material market at home is running weak. On one hand, the ferrovanadium price suddenly drops which hurts the confidence for the future. On another hand, most producers are shouldering heavy pressure and the willingness for pause is strong.

　　The current 98% v2o5 flakes is at Yuan 49000-51000/ton, 98% v2o5 powder is at Yuan 52000-54000/ton, ammonium metavanadate is at Yuan 49000-51000/ton. The price of ammonium metavanadate is also going down with little inquiries.

　　3. Ferrovanadium Offer in a Mess; Vanadium Nitrogen Alloy Market Shouldering Pressure

　　Recently, the performance of domestic ferrovanadium market is not satisfactory. The offer is at different prices since steelmaker tender prices are hardly acceptable. Few producers are able to accept the low price. The ferrovanadium is at Yuan 59000-61000/ton, and tender is at Yuan 55700-57000/ton. The ferrovanadium market is pessimistic nowadays.

　　Vanadium nitrogen alloy market is also negative as the general vanadium market is going down. Different producers give different offers, depending on inventory or financial situation. The mainstream assessment for alloy is at Yuan 87000-90000/ton. Tenders are at Yuan 87000-89000/ton. There are less high offers and more cheap offers. Steel mills are tossing boulders at them. There are more possibilities for production halt and reduction.

　　All in all, the domestic vanadium market is still going down, and bottom has not arrived. One factor is from steel mills and another is from the operation and finance. There will be more hesitation later on.