Reluctance among Chinese vanadium suppliers to sign long-term contracts with European buyers this year, due to low prices, could significantly tighten European supply, market participants told Metal Bulletin.
市場參與者透露，由于產品價格低位的影響，今年中國釩產品供應商不愿與歐洲貿易商簽訂長期合同，這可能會顯著地緊縮歐洲市場供應。
市場參與者透露，由于產品價格低位的影響，今年中國釩產品供應商不愿與歐洲貿易商簽訂長期合同，這可能會顯著地緊縮歐洲市場供應。
Companies including leading vanadium producer Pan-Cheng have significantly reduced vanadium exports to Europe in recent months because prices there are much lower than those achievable in Asia.
這些公司中包括主要的釩生產商攀承，近幾個月來，其已經明顯地降低釩向歐洲出口的釩品數量，因為出口價格遠遠低于那些在亞洲市場就可以實現的水平。
Pan-Cheng and others are believed to be reluctant to sign long-term contracts for 2014 with European customers for fear of being locked into selling at unfavourable levels, sources said.
消息人士稱，攀承和其他供應商不愿意與歐洲客戶簽署2014年的長期合同,是擔心陷入歐洲市場不利的銷售價格水平中。
Pan-Cheng already sells up to 80% of its material domestically and most of the remainder goes to other Asian countries, with little left for Europe due to the low prices, Metal Bulletin understands.
攀承在國內市場中已經售出其80%的原料,其余大部分銷往亞洲其他國家,因銷售價格低的影響，其幾乎沒有給歐洲市場留下庫存。
“The company has cut volumes to non-Asian traders. The domestic Chinese price is higher than the western price for both ferro-vanadium and V2O5 (vanadium pentoxide),” one European trader said.
“該公司削減了非亞洲貿易商的數量，并且，中國國內五氧化二釩和釩鐵的產品價格高于西方市場”，一位歐洲貿易商表示。
“If the [Chinese suppliers] start locking in western contracts they’ll be obligated to supply. Pan-Cheng is not the kind of company that will renege,” the trader added.
“如果中國供應商開始將目標轉移至西方的合同上，他們就有義務履行約定。攀承不是這種會食言的公司”，這位貿易商補充道。
The reduction in exports to Europe is not new in itself.
減少對歐洲出口本身并不是新奇。
All Chinese producers have cut exports to the EU in the past year, as the price gap has existed for several months, an analyst in China pointed out.
業內人士稱，在過去一年里，所有中國生產商都削減了對歐盟的出口，因為彼此之間的價格差距已經存在了幾個月。
But the issue has become more significant in January because contracts are due to be signed for the year, according to European traders.
根據歐洲商家所述，2014年1月份，這種狀況已經變得尤為明顯，因為今年的合約簽署在即。
這些公司中包括主要的釩生產商攀承，近幾個月來，其已經明顯地降低釩向歐洲出口的釩品數量，因為出口價格遠遠低于那些在亞洲市場就可以實現的水平。
Pan-Cheng and others are believed to be reluctant to sign long-term contracts for 2014 with European customers for fear of being locked into selling at unfavourable levels, sources said.
消息人士稱，攀承和其他供應商不愿意與歐洲客戶簽署2014年的長期合同,是擔心陷入歐洲市場不利的銷售價格水平中。
Pan-Cheng already sells up to 80% of its material domestically and most of the remainder goes to other Asian countries, with little left for Europe due to the low prices, Metal Bulletin understands.
攀承在國內市場中已經售出其80%的原料,其余大部分銷往亞洲其他國家,因銷售價格低的影響，其幾乎沒有給歐洲市場留下庫存。
“The company has cut volumes to non-Asian traders. The domestic Chinese price is higher than the western price for both ferro-vanadium and V2O5 (vanadium pentoxide),” one European trader said.
“該公司削減了非亞洲貿易商的數量，并且，中國國內五氧化二釩和釩鐵的產品價格高于西方市場”，一位歐洲貿易商表示。
“If the [Chinese suppliers] start locking in western contracts they’ll be obligated to supply. Pan-Cheng is not the kind of company that will renege,” the trader added.
“如果中國供應商開始將目標轉移至西方的合同上，他們就有義務履行約定。攀承不是這種會食言的公司”，這位貿易商補充道。
The reduction in exports to Europe is not new in itself.
減少對歐洲出口本身并不是新奇。
All Chinese producers have cut exports to the EU in the past year, as the price gap has existed for several months, an analyst in China pointed out.
業內人士稱，在過去一年里，所有中國生產商都削減了對歐盟的出口，因為彼此之間的價格差距已經存在了幾個月。
But the issue has become more significant in January because contracts are due to be signed for the year, according to European traders.
根據歐洲商家所述，2014年1月份，這種狀況已經變得尤為明顯，因為今年的合約簽署在即。
“[Chinese producers] are some of the biggest producers in the world; if they officially announced that they would not export then the price would shoot up. But they also know their responsibility. They are professional,” a second European trader said.
“部分中國生產商位于世界上最大生產商之列，如果他們正式宣布不會對歐洲市場出口釩品，那么價格將上升。但是，他們也意識到自己所承擔的責任。所以，他們在此問題上會做出明智的選擇” ,第二個歐洲商家表示。
Still, no customer of Pan-Cheng has claimed that the company has refused its requests for supply.
不過,目前還沒有攀承的客戶宣稱,該公司要求其拒絕對外供應。
“Negotiations are more difficult than last year and it makes sense that they will make less material available,” a third trader said.
“談判比去年更加困難，主要原因在于他們將縮減對歐洲市場的供應”，第三個經銷商表示。
Pan-Cheng was unable to respond to requests for comment by the time of publication.
截止到發文，攀承還未能對此事做出評述。
Ferro-vanadium prices rose to $25.50-25.90 per kg on January 8, compared with $25.20-25.85 per kg on December 20. This compares with $31.50-32.50 pr kg this time last year.
2014年1月8日，釩鐵價格上漲至25.2-25.9美元/千克，高于去年12月20日的25.2-25.85美元/千克，低于去年同期31.5-32.5美元/千克。
V2O5 prices have been stable at $5.55-6.10 per lb since December 20, when prices fell 5 cents at the low end of the range. V2O5 prices were at $6.00-6.50 per lb this time last year.
自去年12月20日以來，五氧化二釩價格一直穩定在5.55-6.10美元/磅，產品報價區間低位下調5美分，去年同期水平為6-6.5美元/磅。
In China, the domestic ferro-vanadium price is about $28 per kg and the V2O5 price is about $6.05 per lb, according to traders.
“在中國市場中，釩鐵價格約為28美元/公斤，而五氧化二釩價格大約是每磅6.05美元”,商家表示。
“部分中國生產商位于世界上最大生產商之列，如果他們正式宣布不會對歐洲市場出口釩品，那么價格將上升。但是，他們也意識到自己所承擔的責任。所以，他們在此問題上會做出明智的選擇” ,第二個歐洲商家表示。
Still, no customer of Pan-Cheng has claimed that the company has refused its requests for supply.
不過,目前還沒有攀承的客戶宣稱,該公司要求其拒絕對外供應。
“Negotiations are more difficult than last year and it makes sense that they will make less material available,” a third trader said.
“談判比去年更加困難，主要原因在于他們將縮減對歐洲市場的供應”，第三個經銷商表示。
Pan-Cheng was unable to respond to requests for comment by the time of publication.
截止到發文，攀承還未能對此事做出評述。
Ferro-vanadium prices rose to $25.50-25.90 per kg on January 8, compared with $25.20-25.85 per kg on December 20. This compares with $31.50-32.50 pr kg this time last year.
2014年1月8日，釩鐵價格上漲至25.2-25.9美元/千克，高于去年12月20日的25.2-25.85美元/千克，低于去年同期31.5-32.5美元/千克。
V2O5 prices have been stable at $5.55-6.10 per lb since December 20, when prices fell 5 cents at the low end of the range. V2O5 prices were at $6.00-6.50 per lb this time last year.
自去年12月20日以來，五氧化二釩價格一直穩定在5.55-6.10美元/磅，產品報價區間低位下調5美分，去年同期水平為6-6.5美元/磅。
In China, the domestic ferro-vanadium price is about $28 per kg and the V2O5 price is about $6.05 per lb, according to traders.
“在中國市場中，釩鐵價格約為28美元/公斤，而五氧化二釩價格大約是每磅6.05美元”,商家表示。