Jiangsu Yonggang Group to Purchase Vanadium Nitride Soon
Date: Apr 09, 2019
BEIJING (Asian Metal) 9 Apr 19 – A source from Jiangsu Yonggang Group revealed to Asian Metal that the company plans to purchase 10t of vanadium nitride within this week at a target price of RMB245,000/t (USD36,466/t).
“We originally planned to make the purchase in early April; but owing to continuously dropping prices, we kept putting off the plan until now. We will finish the purchase within this week as the latest, planning to purchase 10t,” the source said. “It was said that Shougang Changzhi Iron & Steel purchased 30t of vanadium nitride at RMB245,500/t (USD36,541/t) delivered D/A 180 days, while we hope to restrict our purchasing price to below RMB245,000/t (USD36,466/t),” the source added. According to him, vanadium prices soared last year and their purchase costs for vanadium products have quickly risen to RMB300 million (USD44.65 million); in order to slash production costs, the company has gained the technical capacity of replacing vanadium with niobium and gradually cuts their purchase volumes on vanadium nitride.
