BEIJING (Asian Metal) 25 May 20 – With an annual consumption capacity of 360t for vanadium nitride, Minyuan Special Steel Co., Ltd. finished their bid for vanadium nitride at RMB150,000/t (USD27.3/kg V) delivered D/A 180 days last Wednesday, up by RMB8,000/t (USD1.5/kg V) from last month, a source told Asian Metal.

“We just bought 30t of vanadium nitride at RMB150,000/t (USD27.3/kg V) delivered D/P on 20 May,” a source from this company said. Though market prices keep rebounding during the past week, they only buy in normal. They won’t consider building raw material stocks in advance as they doesn’t look well for the price increasing tendency. Their last deal was made on 27 April, when they bought 30t at RMB142,000/t (USD25.8/kg V) delivered D/P.

Located in Shangqiu, Henan, they expect to consume 30t in May, unchanged from April, holding about one month’s demand as regular inventory.

Currently, mainstream prices of Chinese vanadium nitride stand at RMB152,000-155,000/t (USD27.7-28.2/kg V) EXW D/A 180 days, up by RMB2,000/t (USD0.4/kg V) from one week ago. Suppliers have strong willing to increase their quotations but few steel mills would like to follow up.

www.asianmetal.com