Chinese vanadium pentoxide (V2O5) spot prices are consolidating in a tight band just below 98,000 yuan per tonne, with the latest trader quotes, index values and benchmark settlements all pointing to a flat early-November market.
Trader quotes cluster around 98,000 yuan
On 6 November 2026, trader Hubei 789 Chemical Co. quoted V2O5 at 99% content at 98,000 yuan/tonne, delivery Wuhan, Hubei province. The same listing also referenced battery-grade V2O5 at 99.5% content, although no price was displayed for that grade in the excerpt.
Benchmark provider Shengyishe published a V2O5 benchmark price of 97,833.33 yuan/tonne for the same date. The benchmark is derived from price big data and a proprietary pricing model and is used as a settlement reference for a specified date or period average.
The settlement price is calculated as benchmark price x K + C, where K is an adjustment coefficient such as payment terms and C is a premium or discount reflecting logistics, brand or regional spreads.
A one-month range barely 2,000 yuan wide
Chemicalbook's V2O5 price index stood at 97,833.33 CNY/t in its 7 November update, with a 30-day high of 99,666.67 CNY/t and a 30-day low of 97,666.67 CNY/t, a trading range of roughly 2,000 CNY/t.
Monthly averages confirm the consolidation
Monthly average data show September 2026 periods all at 97,666.67 CNY/t, October averages between 97,740.00 and 98,916.67 CNY/t, 1-5 November at 97,883.33 CNY/t and 6-10 November at 97,833.33 CNY/t, a trend of prices parked in the high-97,000s to high-98,000s through the fourth quarter.
Spread indicator turns negative as alloy demand softens
Shengyishe's mean-spread indicator for V2O5 was reported at -445.84 yuan/tonne on 7 November, putting the spot-to-benchmark relationship in negative territory that day. Downstream, vanadium-nitrogen alloy prices continued to decline on soft steel-sector demand, and overall vanadium market sentiment remained weak.
International benchmarks
VanadiumPrice.com quoted V2O5 flake 98% in Europe at US$5.43/lb as of 7 October 2026, unchanged on the day, and V2O5 in China at US$4.65/lb as of 6 November, up 0.22%. Ferrovanadium 80% in Europe was quoted at US$26.61/kg, up 0.38%.
A caveat on quote quality
Some provincial listings look anomalous: a Shandong battery-grade 99.5% quote was displayed at 10,000 CNY/t, and Jiangsu Xile Energy's battery-grade listing showed the same figure, both far below the roughly 98,000 CNY/t level seen elsewhere and likely listing or unit errors.
For VRFB developers, a flat V2O5 tape removes some near-term electrolyte cost uncertainty, but the absolute level remains the single largest swing factor in electrolyte economics.
This article was assisted by AI analysis. Please refer to the original source for official information.