As time enters the middle of the month, the bidding for vanadium alloys by steel mills has decreased. Judging from the recent bidding prices of steel mills, they have not continued to decline, which has eased the short-term market pressure. Manufacturers are also watching this week's bidding prices and flake V2O5(98%) bulk cargo transactions.

I. The Vanadium Raw Material Market Is Relatively Flat

The flake V2O5(98%) market is somewhat deadlocked. Downstream enterprises are lowering their procurement prices, while manufacturers are offering firm quotes. Currently, the price of long orders is at 80,000 yuan/ton($5.09/lb) in cash, while the price of bulk cargo is slightly lower. Downstream inquiry prices have decreased, but it is difficult to purchase, putting downstream companies in a passive position.

The powder V2O5(98%) market is sluggish and lacks favorable factors to support it. Manufacturers often quote at low levels, but due to cost factors, some companies are cautious about selling at low prices.

The ammonium metavanadate market is operating weakly, with few inquiries and low inquiry prices, some of which are within 73,000 yuan/ton($4.65/lb) in cash. With the decline in prices, some enterprises are also facing cost pressure.

II. The Bidding Price for Ferrovanadium Is Still Low

The ferrovanadium market is facing certain pressure, with some bidding prices ranging from 86,500 to 88,000 yuan/ton($23.80-$24.21/kg), lower than the manufacturer's quotation, and manufacturers are also facing price adjustment pressure. At present, ferrovanadium manufacturers have mostly adjusted their quotations to below 90,000 yuan/ton($24.76/kg). If the market price continues to decline, they will also face cost pressure.

III. The Activity of Vanadium-nitrogen Alloy Market Is Not High

The vanadium-nitrogen alloy market has undergone a slight adjustment. Although there are some inquiries at the current stage, the price has dropped relatively low. According to feedback from enterprises, the mainstream market price is between 119,000 to 124,000 yuan/ton($21.26-$22.15/kg). A steel plant in Hubei Province tendered for 20 tons of VN alloy at 121,500 yuan/ton in cash($21.70/kg).

In summary: The overall activity of the vanadium market is low, and there is a strong wait-and-see attitude in the market. There are few companies inquiring and buying goods, and it is expected that the market will continue to be in a game in the later stage.