Weaker-than-expected demand from steel mills following the introduction of new rebar standards in China and increased use of ferro-niobium there have hit the ferro-vanadium market with prices in Europe now trading at levels last seen in December 2017.
So far this month, the European ferro-vanadium price has fallen by more than 25%. Fastmarkets assessed the price for ferro-vanadium, 78% min, free delivered duty-paid, Europe, at $55.50-58 per kg on Wednesday March 27. This was down by 4.6% from last Friday's assessment of $57.50-61.50 per kg. In China, the weekly export price for ferro-vanadium, min 78%, fob China, was last assessed on Thursday March 28 at $58-62.50 per kg, from $64-67 per kg previously. The market is now trading at its lowest level since February 2018 and is down more than 19% since the beginning of the month. Prices have now fallen by more than 50% from the all-time high reached in mid-November last year of $126-128 per kg in Europe and $130-140 per kg in China. Ferro-vanadium prices in the Chinese and European markets both hit all-time highs last year in part due to an anticipated increase in demand...