Recently, the domestic vanadium product market has seen a slight decrease in low-priced resources and an increase in high-priced quotes, especially in the vanadium-nitrogen market, which has improved slightly and driven market development. However, overall fluctuations are not significant for the time being, and manufacturers are also waiting for the bidding of steel mills at the end of July and early August.

I. The Vanadium Raw Material Market Has Seen a Slight Decrease in Low-priced Spot Goods

The flake V2O5(98%) manufacturers have stable quotations, but there are not many low-priced resources in the market. The inventory pressure of large factories has been reduced, and the vanadium-nitrogen market has slightly improved, which has a certain impact on flake V2O5(98%). Some quotations are at 80,000 yuan/ton($5.09/lb) in cash, and downstream enterprises have provided feedback that it is difficult to purchase at low prices, and it is necessary to purchase at high prices according to demand.

The powder V2O5(98%) market has not changed much, and manufacturers' quotations are mostly kept in place. Manufacturers are also observing the market trends of flake V2O5(98%) to adjust the price of powder V2O5(98%), but there is a lack of improvement in transactions.

The ammonium metavanadate market is slightly deadlocked, and production companies have weak willingness to sell at low prices, with quotes mostly around 74,000-75,000 yuan/ton($4.71-$4.77/lb). Downstream enterprises are cautious and observing, and market transactions are relatively limited.

II. The Quotation in the Ferrovanadium Market Is Relatively Stable

The overall activity of the ferrovanadium market is not high, and the market has a strong wait-and-see attitude. There are not many companies inquiring and buying goods, and the actual transaction is stuck between 88,000 to 89,000 yuan/ton($24.21-$24.48/kg) in cash. It is expected that the market will continue to operate steadily in the later stage.

III. The Vanadium-nitrogen Alloy Market Is in a Stalemate

The vanadium-nitrogen alloy market has not changed much, and low-priced raw materials are difficult to purchase. The downstream acceptance of high prices is not high, and the market activity is low. At present, the mainstream price is between 120,000 to 125,000 yuan/ton($21.44-$22.33/kg). A steel plant in Hubei Province tendered for 50 tons of VN alloy at 123,000 yuan/ton($21.97/kg) in acceptance. A steel plant in Shandong Province tendered for 90 tons of VN alloy at 122,000 yuan/ton($21.79/kg) in cash.

In summary: At present, the market performance is average. Although there are few low-priced raw materials, it is difficult to transact at high prices on the vanadium alloy market. The overall market activity is limited. From the feedback of enterprises, the market is in a game.