“Production of rebar with the new standards will increase per annum vanadium nitrogen consumption by roughly 15%,” the contact at the China Vanadium Association said. “That calculation is based on China’s 2023 rebar production volume.”
The vanadium producer added, “Even considering a possible yearly 10% cutback in rebar output amid the sluggish downstream property market, we, theoretically, project an additional monthly 900 tonnes of vanadium nitrogen consumption with the implementation of new rebar standard.”
The announcement of China’s new national rebar standards boosted confidence among vanadium market participants, which helped stop the downward trajectory of vanadium nitrogen prices, multiple vanadium sources told Fastmarkets.
“The current downstream vanadium market has been subdued and has witnessed no obvious improvement due to the sluggish property market. The new rebar standards will surely, to some extent, boost the demand for vanadium and increase the current lack of vanadium buying,” a China-based vanadium trader said.
Market participants indicated that the new standards are expected to improve demand for silico-manganese, albeit at a smaller degree than the vanadium market.
https://www.fastmarkets.com/insights/chinas-new-rebar-standards-may-deal-another-blow-to-domestic-steelmakers/
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