Recently, the domestic vanadium product market has been relatively flat, with few transactions in the middle of the month. Manufacturers are not actively buying and selling, generally adopting a wait-and-see approach. For the later development of the market, they are also cautious and respond to market trends with a normal attitude.

I. The Transactions in the Vanadium Raw Material Market Are Generally Average

The flake V2O5(98%) market is relatively stable, with manufacturers quoting around 79,000 yuan/ton($5.03/lb) in cash. Although downstream enterprises want to lower prices for procurement, low-priced resources are temporarily limited, especially with the reduction of inventory pressure on large factories, which has slightly eased the market trend.

The powder V2O5(98%) market is still sluggish, with few inquiries received by manufacturers and prices mostly at a low level. However, according to feedback from enterprises, due to cost constraints, there is not much room for further price reductions.

There is a strong wait-and-see sentiment in the ammonium metavanadate market, with few inquiries and mostly below 73,000 yuan/ton($4.65/lb). Due to low downstream demand, ammonium metavanadate manufacturers have sold few goods and are also in a passive position.

II. The Volatility of the Ferrovanadium Market Is Limited

The ferrovanadium market has seen a slight consolidation, with few inquiries received by manufacturers. Manufacturers' quotations range from 87,000 to 91,000 yuan/ton($23.93-$25.03/kg), and low-priced resources in the market have decreased. Many inquiries from traders are within 88,000 yuan/ton($24.21/kg) in cash, and there are relatively few inquiries at high prices, which also limits market improvement.

III. The Vanadium-nitrogen Alloy Market Remains Stable

The bidding price of vanadium-nitrogen alloy has not changed much, with the mainstream market price ranging from 120,000 to 122,000 yuan/ton($21.44-$21.79/kg). Although there have been some inquiries, the inquiry price is relatively low, and the downstream has a strong wait-and-see attitude. A steel plant in Hubei Province tendered for 20 tons of VN alloy at 121,800 yuan/ton($21.76/kg) in cash.

In summary: The overall market has not changed much, and it is difficult to rise or fall, and the game is ongoing. The main reason is that the bidding prices of steel mills are basically maintained at the normal market level, and it is expected that the market will adjust slightly in the later stage.