Ryan notes 27.5
European FeV prices climbed to near $40 per kg, compared to $35-35.50 a week ago. The price rise seems predominantly trader-driven, with two trading firms successfully bidding up prices from $36 to $38. Consumer sales, meanwhile, were reported at $36.50 per kg.
While prices for FeMo and other commodities shot up this month, European FeV prices were slow to increase. “Some of the FeV price rise is feeding off the rise in other metals,” said a source.
Chinese FeV prices have been firming since the end of the Spring holiday in early May. Chinese FeV producers have increased their guidance price for June to $35 per kg, sources say, in order to take advantage of the last strong month for construction prior to the summer.
A 15% increase in FeNb prices from $41 per kg to $47 also has put upward pressure on FeV prices.
“The higher prices go, the bigger the fall,” said one trader. He doubts current prices can be sustained, and he is concerned that if prices rise to $50, there will be a backlash.
US FeV sellers note that there has been no spot business in two weeks. Prices remain on either side of $16 per lb, but sellers agree that any new tender will attract competitive offers below $16.
Given demand levels, FeV suppliers have been surprised by the lack of activity in the US market. Producers confirm that contract customers are taking full allotments.