Ferro-vanadium and ferro-niobium prices both climbed by more than 4% in the week ended Friday May 21 due to tightening prompt supply in Europe at a time when spot market activity has started to increase.
The availability of both the alloys in Europe has been tight since the second half of 2020 because China has been importing large volumes of material amid a better demand outlook than in Europe.Fastmarkets assessed the ferro-vanadium basis 78% V min, 1st grade, ddp Western Europe price at $34.70-37.10 per kg on Friday May 21, up from the midweek assessment of $33.50-35.50 per kg, where it had moved to from $33.00-33.60 per kg. The market is now trading at its highest since June 2019, when it stood at $34.70-37.80 per kg.
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