India: Ferro vanadium prices inch down on weak demand

• Soft demand continues to pressure prices
  
  
• Weak spot transactions continue across markets
  
  

Indian ferro vanadium prices declined by INR 17,000/t ($180/t) w-o-w to INR 1,419,000/t ($15,013/t) ex-works Raipur on 13 May 2026. The market remained under pressure this week as falling steel mill procurement prices, weakening raw material support, and subdued buying sentiment collectively dragged market prices lower across key regions.

Factors impacting prices

Steel mill bidding continues to weigh on market: In India, demand from infrastructure and special steel producers has remained cautious due to slower finished steel bookings and pressure on margins. As steel mills continue to procure on a need-based basis rather than maintaining aggressive inventories, ferro vanadium suppliers are facing shrinking negotiation power. The weak tender atmosphere has consequently shifted the markets price center further downward, while spot transactions remain limited across industrial hubs.

Producers face margin pressure as raw material support weakens: From the producers perspective, the market situation has become increasingly difficult despite relatively elevated vanadium flake prices. Although raw material quotations initially remained firm, actual high-priced transactions have slowed considerably, and the effective transaction range has started softening marginally. This indicates weakening cost support for ferro vanadium producers in India.

Chinese ferro vanadium decrease w-o-w:Ferro vanadium (V:50%) prices went down w-o-w, declining by RMB 3,000/t ($445/t) to RMB 92,500/t ($13,616/t). Meanwhile, the domestic vanadium pentoxide (VO) market, including tax, remained steady at RMB 92,500/t ($13,616/t), unchanged over the same period.

Outlook

Indian ferro vanadium prices are expected to remain weak amid cautious steel demand, softening raw material support, and continued pressure from lower steel mill procurement tenders.