Vanadium companies have done a great job in maintaining the market balance from fluctuations. The whole market steadily moved forward mainly due to the firm vanadium flakes and less pressures on vanadium alloy companies.

　　1, The vanadium material market remains stable

　　The vanadium material market remained stable. It was dificult for downstream companies to cut production cost via purchasing at low prices. Companies intended to stabilize the market so as to avoid high risks and negative influence.

　　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 remained stable at 25,0000-25,5000 yuan/t. At present many ammonium companies still failed to resume production. The difficulty of buying spots has resulted in a stalemate. The vanadium flakes market performed well, with prices hovering at 27,0000 yuan/t. The vanadium powder market seemed a bit weak, especially demands from chemical companies was subdued.

　　2, The vanadium alloy market seems good

　　Recently the ferrovanadium market was quiet and stable mainly supported by vanadium flakes. Some companies were confused about the development of the subsequent market and will not lowered quotations actively. Currently The ferrovanadium assessment unchanged at 27,0000-28,5000 yuan/t. Ferrovanadium companies, as we learnt, held different opinions on the market. Considering the market demand in the next two month, some producers indicated that the subsequent market was likely to turn around affected by the limited spot lots. Other producers thought that prices remained at a high level, and companies should try to maintain the market instead of pushing the market forward.

　　Vanadium nitrogen companies maintained their quotations firm. On one hand producers focused on buy tenders from steel mills. On the other hand the tight supply of flakes has been giving supports to the vanadium nitrogen market. Currently the vanadium nitrogen alloy assessment maintained stable at 40,5000-43,0000 yuan/t. The price made by steel mills mainly hovered at 41,0000-42,0000 yuan/t. We understood that the vanadium nitrogen market was good, with inquiries increasing. Some producers were unwilling to sell at low prices, and companies and traders were waiting for buy tenders from steelmakers.

　　In conclusion, the vanadium resources in China were still tight influenced by the tight supply of vanadium flakes, less production and less pressures on inventories. Most of companies were cautious about taking action as there was no big changes in the subsequent market.