US vanadium spot market prices consolidated through March, with prices now firmly above the $307kg V level. There is clearly demand for vanadium in the market, a phenomenon MBR does not expect to change in the short term. Prices are likely to rise further in the near term as US crude steel production climbs higher as the economy continues its recovery. As the Chinese economybegins its long-awaited recovery in the second quarter, traditionally the construction quarter, we expect vanadium demand to improve and push prices higher. The upturn, however, is likely to be more subdued than in recent years. The European market remains muted with no significant signs of improvement on the horizon.
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