Vanadium pentoxide (V2O5) prices in China continued to trade in a narrow band through mid-November 2026, with assessments from two independent price reporting services pointing to a feedstock market that is flat-to-slightly-soft rather than directional.

SunSirs benchmark slips marginally

SunSirs (生意社) set its V2O5 benchmark at RMB 97,833.33/tonne on 10 November 2026, down 0.09% from RMB 97,916.67/tonne at the start of the month, with a 0.00% daily change on the publication date. Follow-up assessments for 12 and 13 November put the benchmark at RMB 97,666.67/tonne — a further small step lower — while the agency's PriceSeek commentary flagged battery-grade vanadium pentoxide as being in a weak adjustment phase.

Annual range shows a mid-to-low position

Over the trailing twelve months (10 November 2025 to 10 November 2026), the SunSirs series ranged between a low of RMB 96,583.33/tonne and a high of RMB 99,866.67/tonne, with a median of RMB 98,225/tonne and an average of RMB 97,960.25/tonne. The current print therefore sits in the lower-middle part of the annual band — RMB 2,033.34 below the top and RMB 1,250 above the bottom. For electrolyte producers, that translates into a feedstock cost environment that has been remarkably stable rather than deflationary.

Spot market completely flat

Chuangda Steel Network (创大钢铁网) daily bulletins paint an even flatter picture. Cash V2O5 was quoted at RMB 69,000/tonne on 12 November 2026 — unchanged from 11, 10, 9 and 5 November. No volatility was recorded across that window, which the publisher characterised as indicating stable vanadium feedstock costs for electrolyte producers. The gap between the two series reflects methodology: SunSirs states that its benchmark is model-generated from price big data and is intended as a settlement reference under the formula settlement price = benchmark x K + C, where K captures credit-period costs and C captures logistics, brand and regional premia.

Export parity and alloy demand diverge

On the international reference side, Vanadium Price assessed China V2O5 flake (98%) at US$4.66/lb on 13 November 2026, up 0.43%, while European flake was US$5.43/lb on 7 October 2026, unchanged. European ferrovanadium 80% was US$26.61/kg, up 0.38%. Vanadium-nitrogen alloy prices, by contrast, kept declining amid weak steel sentiment — a reminder that VRFB electrolyte demand remains a small slice of total vanadium offtake and that steel-cycle weakness, not battery demand, is currently setting the marginal price.

For VRFB developers, the takeaway is straightforward: the vanadium feedstock line has been unusually predictable for six weeks, which makes electrolyte budgeting and project cost estimates easier to defend.

This article was assisted by AI analysis. Please refer to the original source for official information.