The vanadium market maintained stable, facing less pressures on inventories. On one hand demands from terminal steel mills was reducing, On the other hand producers made purchase and production on the basis of the market demand, while traders focused on conservative orders. Participants became more cautious instead of following blindly.

　　1, The vanadium flake market remains firm, transactions of ammnium vanadate have decreased

　　Recently the vanadium material market has experienced some changes. The declining prices of ammnium vanadate had impact on the market, but the vanadium flakes market did not receive shock waves. Major producers gave priority to long-term contracts, while small and medium ones faced less pressures. Those flake companies that failed to purchase materials turned to buy vanadium powders and ammonium vanadate to cut its production cost, which caused prices of ammonium vanadate hovered at a high level and made it hard to close deals.

　　At present 98% vanadium flake and powder assessment unchanged at 26,5000-27,5000 yuan/t and 26,0000-26,7000 yuan/t respectively. The ammonium vanadate assessment also remained stable at 25,2000-25,5000 yuan/t. Influenced by small and medium producers, transactions of ammonium vanadate have slided, with some prices falling to cash 24,0000-24,50000 yuan/t and acceptance 24,5000-25,0000 yuan/t. Main producers offered at cash 25,0000 yuan/t and above. The vanadium flakes market performed well, but downstream alloy companies were still worried about porchasing. Some companies indicated that though part of vanadium products welcomed an adjustment on prices, the prices of vanadium flakes still remained the same which gave support the the whole market. Deals of vanadium powders were less, and vanadium nitrogen alloy companies tried to purchase at lower prices.

　　2, Demands for ferrovanadium seem weak, the vaandium nitrogen market remains stable

　　The ferrovanadium market seemed subdued in slow trade. Producers were not interested in large production mainly due to less profits and the dificulty of buying materials. Currently The ferrovanadium assessment unchanged at 27,0000-28,5000 yuan/t. We understood that the lower limit of quotations mainly hovered at 27,0000 yuan/t, and it was hard to reach deals at higher prices. The whole ferrovaandium market was supported by its cost.

　　The vanadium nitrogen alloy market maintained stable mainly sustained by vanadium flakes. Producers bought flakes bascially at 27,.0000 yuan/t, which restricted its production cost to drop. Under this circumstance, companies had to stabilize the market and avoid from deficit. Currently the vanadium nitrogen alloy assessment maintained stable at 40,5000-43,0000 yuan/t. The price made by steel mills mainly hoverd at 41,0000-42,0000 yuan/t. As we learnt some vanadium nitrogen companies also took measures to alleviate pressures on cost, such as purchasing vanadium powders and ammonium vaandate. It is expected that the vanadium nitrogen market will not see big fluctuations.

　　In conclusion, companies were cautious about purchasing and selling raw materials as the future of the vanadium market was confusing.

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