BEIJING (Asian Metal) 23 May 19 – Zenith Steel Group Company Limited completed bidding to purchase 100t of vanadium nitride at RMB178,000/t (USD25,742/t) delivered D/A 180 days on May 22.

The bidding price is RMB2,000/t (USD289/t) lower than the market expectation price, falling to a new low market price, which increases the downward pressure of market prices for vanadium nitride.

The current mainstream offers for Chinese vanadium nitride are RMB180,000-183,000/t (USD26,031-26,465/t) EXW D/A six months, down by RMB17,000/t (USD2,458/t) from last week. Market insiders hold low confident about the price of the material. It is expected that prices for vanadium nitride would keep downward under pressure in the coming week.