European ferro-vanadium prices softened over the first half of March fay 0.9%, moving from a range of $25.00-25.70/ kg over February, to $24.80-25.50/kg in March. Prices softened in March on a lack of large business, and a general dearth of sales of ferro-vanadium in the region. Looking forward, however, prices could be exposed to some upward risk. While there is still ferro-vanadium in the market which was offloaded before the Chinese New Year, availability is decreasing, which could tighten market fundamentals, especially if European carbon steel production picks up as expected in the second quarter of the year. MBR understands that in northern Europe, mill order books are full until May, which could support demand. In addition to a potential uptick in domestic demand, due to the widening gap between European and US prices, US purchasers have begun chasing booking with Europeans, which could further tighten the European market.
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