NEW YORK Ferrovanadium prices in the United States have softened on lower consumer business, although deals were again reported in a wide range this past week.
Prices are now between $11.50 and $13.50 per pound, down from between $12.50 and $14.50 per pound previously. Consumer business was reported at the bottom end of the range this past week, although a significant spot sale was reported above the $16-per-pound mark and small quantities were sold at $14 per pound.
The general mood, however, was that prices were softening as demand has weakened, with steel production at lower levels going towards the end of the year. Its been pretty quiet recently, one trader said.
Market sources said that consumers were taking lower amounts of contracted material as capacity utilization in the steel industry remains stuck below 70 percent, according to the latest figures from the American Iron and Steel Institute (AISI).