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.
市场参与者透露，由于产品价格低位的影响，今年中国钒产品供应商不愿与欧洲贸易商签订长期合同，这可能会显着地紧缩欧洲市场供应。
市场参与者透露，由于产品价格低位的影响，今年中国钒产品供应商不愿与欧洲贸易商签订长期合同，这可能会显着地紧缩欧洲市场供应。
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.
这些公司中包括主要的钒生产商攀承，近几个月来，其已经明显地降低钒向欧洲出口的钒品数量，因为出口价格远远低于那些在亚洲市场就可以实现的水平。
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.
消息人士称，攀承和其他供应商不愿意与欧洲客户签署2014年的长期合同,是担心陷入欧洲市场不利的销售价格水平中。
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.
攀承在国内市场中已经售出其80%的原料,其余大部分销往亚洲其他国家,因销售价格低的影响，其几乎没有给欧洲市场留下库存。
“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.
“该公司削减了非亚洲贸易商的数量，并且，中国国内五氧化二钒和钒铁的产品价格高于西方市场”，一位欧洲贸易商表示。
“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.
“如果中国供应商开始将目标转移至西方的合同上，他们就有义务履行约定。攀承不是这种会食言的公司”，这位贸易商补充道。
The reduction in exports to Europe is not new in itself.
减少对欧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.
业内人士称，在过去一年里，所有中国生产商都削减了对欧盟的出口，因为彼此之间的价格差距已经存在了几个月。
But the issue has become more significant in January because contracts are due to be signed for the year, according to European traders.
根据欧洲商家所述，2014年1月份，这种状况已经变得尤为明显，因为今年的合约签署在即。
这些公司中包括主要的钒生产商攀承，近几个月来，其已经明显地降低钒向欧洲出口的钒品数量，因为出口价格远远低于那些在亚洲市场就可以实现的水平。
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.
消息人士称，攀承和其他供应商不愿意与欧洲客户签署2014年的长期合同,是担心陷入欧洲市场不利的销售价格水平中。
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.
攀承在国内市场中已经售出其80%的原料,其余大部分销往亚洲其他国家,因销售价格低的影响，其几乎没有给欧洲市场留下库存。
“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.
“该公司削减了非亚洲贸易商的数量，并且，中国国内五氧化二钒和钒铁的产品价格高于西方市场”，一位欧洲贸易商表示。
“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.
“如果中国供应商开始将目标转移至西方的合同上，他们就有义务履行约定。攀承不是这种会食言的公司”，这位贸易商补充道。
The reduction in exports to Europe is not new in itself.
减少对欧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.
业内人士称，在过去一年里，所有中国生产商都削减了对欧盟的出口，因为彼此之间的价格差距已经存在了几个月。
But the issue has become more significant in January because contracts are due to be signed for the year, according to European traders.
根据欧洲商家所述，2014年1月份，这种状况已经变得尤为明显，因为今年的合约签署在即。
“[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.
“部分中国生产商位于世界上最大生产商之列，如果他们正式宣布不会对欧洲市场出口钒品，那么价格将上升。但是，他们也意识到自己所承担的责任。所以，他们在此问题上会做出明智的选择” ,第二个欧洲商家表示。
Still, no customer of Pan-Cheng has claimed that the company has refused its requests for supply.
不过,目前还没有攀承的客户宣称,该公司要求其拒绝对外供应。
“Negotiations are more difficult than last year and it makes sense that they will make less material available,” a third trader said.
“谈判比去年更加困难，主要原因在于他们将缩减对欧洲市场的供应”，第三个经销商表示。
Pan-Cheng was unable to respond to requests for comment by the time of publication.
截止到发文，攀承还未能对此事做出评述。
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，钒铁价格上涨至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日以来，五氧化二钒价格一直稳定在5.55-6.10美元/磅，产品报价区间低位下调5美分，去年同期水平为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.
“在中国市场中，钒铁价格约为28美元/公斤，而五氧化二钒价格大约是每磅6.05美元”,商家表示。
“部分中国生产商位于世界上最大生产商之列，如果他们正式宣布不会对欧洲市场出口钒品，那么价格将上升。但是，他们也意识到自己所承担的责任。所以，他们在此问题上会做出明智的选择” ,第二个欧洲商家表示。
Still, no customer of Pan-Cheng has claimed that the company has refused its requests for supply.
不过,目前还没有攀承的客户宣称,该公司要求其拒绝对外供应。
“Negotiations are more difficult than last year and it makes sense that they will make less material available,” a third trader said.
“谈判比去年更加困难，主要原因在于他们将缩减对欧洲市场的供应”，第三个经销商表示。
Pan-Cheng was unable to respond to requests for comment by the time of publication.
截止到发文，攀承还未能对此事做出评述。
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，钒铁价格上涨至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日以来，五氧化二钒价格一直稳定在5.55-6.10美元/磅，产品报价区间低位下调5美分，去年同期水平为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.
“在中国市场中，钒铁价格约为28美元/公斤，而五氧化二钒价格大约是每磅6.05美元”,商家表示。