European ferrovanadium prices put on $4/kg over the week, nearing in on a 10-year high as demand for material was stripped by a shortage of offers.
S&P Global Platts assessed its weekly European ferrovanadium price on Thursday at $47-$52/kg, up from $44-$47/kg. The last time ferrovanadium was higher was on the October 23, 2008 at $55.50/lb.
"Vanadium is the catch of the day," one European trader said. He reported a sale at $50.40/kg for 10 mt, while others said there were few offers to be found. A sale at $52 was reported for a 20 mt lot in Rotterdam.
Market participants said offers from China and South Korea were scarce and Western producers had no availability.
"We have inventory so not offering," a second European trader said. With prices in Europe close to the mid $50's seen in China in August 2017, there was "now scope to see higher prices," he noted.
European ferrovanadium prices had moved up to $45/kg September 2017 on the back of tight supply but fallen back when consumers failed to come back into the market after the summer holidays.
"The last dip was more technical, we had a lot of material swapping trader hands," a third European trader said. He was more confident prices would remain firm on this round of increases, he added.
