Benxi Steel Finishes The Bidding For Vanadium Nitride

BEIJING (Asian Metal) 17 Jul 20 – Benxi Iron & Steel (Group) Co., Ltd. finished the bidding for 30t of vanadium nitride at RMB167,000/t (USD31/kg V) delivered D/A 180 days on 14 July, up by RMB500/t (USD0.1/kg V) from one week ago.

“We bought 30t at RMB166,500/t (USD30.9/kg V) delivered D/A 180 days on 6 July and we bought another 30t at RMB167,000/t (USD31.0/kg V) on 14 July,” a source from this company noted. He received the current price of vanadium pentoxide flake 98%min at RMB105,500/t (USD7/lb V2O5) EXW D/P, unchanged from last week. Supported by the high cost, he believes that mainstream prices of vanadium nitride would stand 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 200t so far this year. They consumed about 60t in June and expect the same volume in July, holding about 30t of stocks now, down by 30t from last month.

This Thursday, mainstream prices of Chinese vanadium nitride stand at RMB167,000-170,000/t (USD31-31.5/kg V) delivered D/A 180 days, up by RMB1,000/t (USD0.2/kg V) from this Wednesday.