In recent times, there has been limited adjustment in the domestic vanadium product market. During the mid month period, there were not many tenders from steel mills, and the bidding prices of steel mills did not exceed expectations, which slightly reduced the pressure on vanadium products. Many manufacturers are in a wait-and-see state, and their buying and selling enthusiasm is not high, which also makes the market adjustment not significant.

I. The Vanadium Raw Material Market Is Relatively Sluggish

The fluctuation of the flake V2O5(98%) market is not significant, with some bulk cargo prices ranging from 79,000 to 80,000 yuan/ton($5.04-$5.10/lb) in cash. Manufacturers have received inquiries around 78,000 yuan/ton($4.97/lb) in cash, but it is difficult to purchase as there is a slight difference in buying and selling prices between upstream and downstream.

The powder V2O5(98%) market is sluggish and lacks transactions. Among them, the procurement volume of chemical enterprises has always been relatively low, which limits the procurement of powder V2O5(98%). Vanadium-nitrogen enterprises offer lower prices, making it difficult for them to sell.

There are relatively few inquiries in the ammonium metavanadate market, with some transaction prices ranging from 73,000 to 75,000 yuan/ton($4.65-$4.78/lb) . Due to the limited positive factors in the market, manufacturers still have concerns about future market development.

II. The Activity of Ferrovanadium Market Is Not High

The market activity of ferrovanadium is not high, and the bidding of steel mills is still relatively low. Among them, a steel plant in Shanxi Province tendered for 10 tons of ferrovanadium at 91,900 yuan/ton($25.32/kg) in acceptance, which was higher than expected. The manufacturer is also watching the bidding situation of other steel plants. The manufacturer's quotation is mostly between 88,000-90,000 yuan/ton($24.24-$24.79/kg), and the price received from traders is relatively low, with some prices below 87,000 yuan/ton($23.97/kg), which is lower than the manufacturer's cost.

III. There is a Slight Adjustment in the Vanadium-nitrogen Alloy Market

The activity of the vanadium-nitrogen market is generally low, with few market transactions. Traders have low enthusiasm for entering the market for procurement and generally adopt a wait-and-see approach. The overall demand in the mid month market is also weak. At present, enterprises are more concerned about the price of flake V2O5(98%) to calculate vanadium-nitrogen  quotations. The mainstream price of vanadium-nitrogen is between 119,000 to 124,000 yuan/ton($21.29-$22.18/kg).

In summary: there are relatively few market transactions, mainly due to insufficient demand in the middle of the month. Enterprises pay more attention to the bidding price of steel mills for vanadium-nitrogen and hold a cautious attitude towards the future.