US hot-rolled coil (HRC) prices continued their march upwards.

Australian Vanadium (ASX:AVL) signed a non-binding memorandum of understanding with chemical producer US Vanadium for future vanadium offtake sourced from the miner’s Vanadium project in Western Australia.

The 2101 ferrosilicon contract price on ZCE closed at 6346 yuan per ton on December 2.

The accelerated speed of change is not likely to stop.

China's price of Q235 4.75mm HRC rose further by Yuan 33/tonne ($5/t) on week to Yuan 4,138/t including the 13% VAT as of November 27, or a new high since November 6 2018, data showed.

While policy and decision-makers ostensibly take such measures to reduce the final offer of steel in the domestic market and support end consumers, in essence, such moves have had the opposite effect.

The inventories at 37 sampled mills also decreased by 15,200 tonnes on week to around 1 million tonnes as of November 25, according to the survey.

“AVL is developing one of the highest-grade vanadium projects underway in the world and our aim is to become a low-cost producer able to withstand long-term commodity price cycles,” said managing director Vincent Algar.