Vanadium product prices in China fell in the week to Friday September 4, after local suppliers reduced their offers in an attempt to secure deals amid abundant supplies and aggressive bids, sources told Fastmarkets.
Alloy prices slide on aggressive bids from mills
After postponing procurement activities in the week to August 28, many Chinese mills returned to the market last week to purchase vanadium alloy products with aggressive bids after realizing there were abundant supplies. Alloy producers eventually slashed their offer prices to secure business.
Transaction prices for vanadium nitrogen from domestic mills stood at around 160,000 yuan ($23,414) per tonne on Friday September 4, compared with 164,000 yuan per tonne at the start of the week. Prices are paid on acceptance and include value added tax (VAT).
"Mills came out for stockpiling [last week], but purchasing prices moved down [reflecting] the adequate supply of alloy products and a lack of confidence in the market," a Chinese source said.
In addition to the material from domestic producers, imports increased the availability of alloy...