rising prices for raw materials contributed to the higher prices of ferrovanadium and ferromolybdenum in the European market. This is stated in the overview of the world market of ferro-alloys prepared by Studentsby Valery, expert of the state enterprise "Derzhzovnishinform".
According to him, weak demand in Europe, ferrovanadium and ferromolybdenum in combination with excess supply amid geopolitical uncertainty kept the pace of rising prices for both of Ferroalloy.
Prices up to 80 percent ferrovanadij for November rose by only 3 cents a pound, 23 - 24 dollars, delivered (DAP) to the North-West of Europe. Prices pentoxide of vanadium on the Western European market declined to 1,752 USD per pound, and at the end of the month the material was available at the 6,257 USD per pound, DAP North-West Europe.
According to experts, the rise in prices of ferrovanadium also had a speculative component, because most deals were concluded between traders due to expectations of further price growth, as end consumers purchased this material in limited quantities. Rising prices for ferrovanadium caused a rise in prices of ferroniobium, which is a product a substitute for ferrovanadium.
