The Decline in Vanadium Market as Well as Bulk Quotations Due to the increase of raw material sales in bulk market, downstream traders of ferrovanadium and vanadium-nitrogen alloy are also eager to sell. In the mid-month, the procurement by steel mills is limited, and the vanadium market has a downward trend. As far as we know, currently, the transaction price of bulk V2O5 flake has fallen below CNY 140,000/t, and some transactions have also been concluded at CNY 138,000-139,000/t. While that of metallurgical V2O5 powder is about CNY 140,000/t. There is a price difference between chemical ammonium metavanadate and metallurgical ammonium metavanadate, CNY 142,000/t for ammonium metavanadate, CNY 145,000-150,000/t for chemical ammonium metavanadate. The quotation of ferrovanadium manufacturers is about CNY 150,000/t, but the bulk price is CNY 140,000-145,000/t. As the steel bidding price declined, the quotation of bulk vanadium-nitrogen alloy dropped to about CNY 221,000-223,000/t by cash.

Recent downstream alloy factories have maintained their enthusiasm for inquiring V2O5 flake, but the increase in supply has made it possible for the downstream to lower the price. Therefore, the price of raw materials continues to be weak, and the future market is expected to have a small downward space.