Bengang Fails To Purchase Vanadium Nitride

BEIJING (Asian Metal) 20 Mar 20 – Benxi Iron & Steel (Group) Co., Ltd. planned to buy 30t of vanadium nitride on 11 May but failed due to the rebounding prices.

“We tried to buy 30t of vanadium nitride last Monday at no more than RMB148,000/t (USD27/kg V). However, none of suppliers accept this price level. We plan to purchase again at the end of May,” said the source. He heard Shougang Changzhi just bought 10t at RMB152,000/t (USD27.8/kg V) delivered D/A 180 days this week. He received the current quotation stand at RMB155,000/t (USD28.3/kg V) now. In order to ensure the purchase, they would increase their target price accordingly. Considering prices of raw materials vanadium pentoxide flake 98%min stand steady during the past two weeks, he believes that mainstream prices of vanadium nitride would stay firm in the coming week.

Located in Benxi, Liaoning, they are a typical vanadium nitride consumer in China. With an annual consumption capacity of 400t, they consumed about 360t in 2019 and about 135t so far this year. They expect to consume 30t in May, unchanged from April, holding one month’s demand as stocks.

At the moment, mainstream prices of Chinese vanadium nitride stand at RMB152,000-155,000/t (USD27.8-28.3/kg V) delivered D/A 180 days, up by RMB3,000/t (USD0.5/kg V) from last week.