India: Ferro vanadium prices inch down w-o-w as buyers stay cautious

• Weak buying interest limits market recovery
  
  
• Suppliers resist additional price reduction
  
  

Indian ferro vanadium prices remained largely stable with a slight correction w-o-w of INR 3,000/t ($31/t) to INR 1,416,000/t ($14,769/t) ex-works Raipur on 20 May 2026, as subdued demand, stable vanadium pentoxide prices, and cautious producer offers kept market activity balanced.

Factors impacting prices

Weak buying activity keeps market range-bound: Trading activity in Indias ferro vanadium market remained subdued as buyers continued to procure material cautiously amid uncertain special steel demand conditions.

Most transactions were concluded only for immediate requirements, while bulk purchasing interest stayed limited. Market participants noted that despite the recent correction, consumers were unwilling to build large inventories. The lack of aggressive buying momentum kept overall market sentiment cautious, resulting in prices moving within a narrow and largely stable range during the week.

Stable vanadium pentoxide prices fail to trigger stronger recovery: Vanadium pentoxide prices showed signs of stabilisation after earlier declines, but the raw material segment has yet to generate enough momentum to support a meaningful recovery in ferro vanadium prices. Market sources indicated that while the fall in upstream prices has slowed, buyers remain unconvinced about a sustained rebound trend. The absence of fresh upward movement in raw materials continued to limit speculative activity, keeping alloy producers and traders focused on cautious sales strategies and inventory management.

Chinese ferro vanadium drop w-o-w: Ferro vanadium (V:50%) prices went down w-o-w, declining by RMB 1,000/t ($147/t) to RMB 91,500/t ($13,441/t).

Outlook

India's ferro vanadium market is expected to remain range-bound in the near term, as cautious procurement by steel mills, stable raw material prices, and limited producer flexibility continue restricting major price movements.