Ferrovanadium prices continued its bull run, putting on close to $10 on the week.
Platts assessed its weekly European ferrovanadium price on Thursday 27 July at $34-$41/kg from $27.50-$29/kg. This is close to a nine-year high prices were at $38-$43/kg November 8, 2008.
Market participants said offers had reached $42/kg in Rotterdam on Thursday evening with a sale was reported at $39.80/kg duty unpaid Rotterdam.
Prices escalated as there was no material available for shipment from China and tight availability of material in Rotterdam. European trader sources said they had heard of a sale in China for 50% grade at $50 highlighting the severe global shortage.
"It's a chain reaction because nobody has stocks. You now can not replace material," he said. Sources agreed it was extremely difficult to buy 10 mt or 20 mt containers.
Others said they were now wary of concluding any business as the price had increased too quickly. "You need to find the emergency exit so if you need to run be the first," a second European trader said.
