The global vanadium market is at a defining turning point in March 2026. As the key raw material for both ferrovanadium production and the fast‑expanding vanadium redox flow battery (VRFB) industry, vanadium pentoxide (V₂O₅) prices serve as a critical price gauge for the entire metallurgical and green energy sectors.
In this report, we break down the price divergence between China's domestic market and international benchmarks, based on data as of March 20, 2026.
1. China Domestic Market: V2O5 Flake Price Summary
As of March 20, China's domestic market for 98% V₂O₅ flakes is stable, with price differences reflecting payment terms and producer size.
Table 1: China Domestic V2O5 Flake Prices (March 20, 2026)Unit: 10,000 RMB/MT
| Product | Grade | Transaction Price | Change | Mainstream Quotation | Change | Origin | Remarks |
|---|---|---|---|---|---|---|---|
| Vanadium Pentoxide (Flakes) | 98% | 8.25 | -- | 8.25 | -- | -- | Tax-inclusive (acceptance), large-scale producer |
| Vanadium Pentoxide (Flakes) | 98% | 8.1 | -- | 8.1 | -- | -- | Tax-inclusive (cash), large-scale producer |
| Vanadium Pentoxide (Flakes) | 98% | 8.2 | -- | 8.2–8.3 | -- | Sichuan, Henan, Liaoning | Tax-inclusive (cash), small-scale producer |
Market Insight
Large-scale mills are holding firm on pricing, with a 1,500 RMB/MT premium for acceptance bill payments compared to cash transactions. Retail prices in key production hubs such as Sichuan and Liaoning are marginally higher, indicating tighter local spot availability.
2. International Market: V₂O₅ Price Benchmarks
The international V₂O₅ market remains closely tied to Western metallurgical demand. As of March 18, 2026, global prices have stabilized after recent fluctuations.
Table 2: International V2O5 Market Prices
Unit: USD/lb V2O5
| Product | Specification | Min Price | Change | Max Price | Change | Price Basis |
|---|---|---|---|---|---|---|
| Vanadium Pentoxide | 98% V₂O₅ | 5.60 | -- | 5.81 | -- | USD per pound of vanadium |
When compared to China's domestic price of ~81,000 RMB/MT (approx. $11,250/MT), the data suggests that Chinese export V2O5 remains highly competitive on the global stage, offering a significant cost-saving opportunity for international buyers.
Are you looking to secure V2O5 inventory for Q2? Our market specialists can provide a firm CIF quote based on the latest March 20 price data.
ZHEN AN INTERNATIONAL CO.,LIMITED
ZhenAn is an enterprise specializing in Metallurgical & Refractory products , integrating production, processing, sales and importing and exporting business.
Annual production and sales more than 150,000 tons. Our factory covering an area of 30,000 square meters, it has a complete set of modern production equipment, two large production bases including hydro-metallurgy, two key laboratories and a metallurgical materials testing center with dozens of senior researchers.
