European ferrovanadium prices fell further Thursday with market participants unsure where the end might be.
The alloy, which earlier hit 10-year highs, is now under pressure from short selling and slow demand from steel mills.
One European trader said he had sold at $40/kg earlier in the week. "I now can not sell at $39/kg. People are aggressive on offers and no mills looking to buy," he added.
A second European trader said he was not expecting prices to fall below $35/kg. "There is still cheap material around but also a lot of high price stocks so bottom may be $35," he said, adding he was not willing to sell at $39/kg.
But other sources said they were wary of opportunistic buyers who jumped into the market when they saw prices rising and were now increasingly nervous.
Platts assessed its weekly European ferrovanadium at $39-$41/kg from $42-$45/kg basis in Rotterdam.
