NEW YORK Ferrovanadium spot prices have rallied on reports of tight domestic supply, while stronger consumer interest in molybdenum also could force price increases.
.The ferrovanadium price range tightened to $12.55 to $12.80 per pound from $12.15 to $12.80 previously, and traders and producers told AMM they were already pushing quotes well above $13 per pound as spot material becomes more difficult to secure.
"Last week we sold at $12.25 per pound for a full truck, but we should not have. I am hearing prices today above $13 per pound, but we have no stock," one trader said.
"Were definitely seeing an escalation in prices," another trader said. "Im hearing there is a little bit of tightness; most of the producers are either sold out or have a stock deficiency."
Meanwhile, a source at one molybdenum producer said that his company was seeing a rise in consumer spot inquiries for molybdic oxide and ferromolybdenum. "Their activity level has picked up, though Im not sure if their own business has picked up. Hopefully it will sustain for a bit," he said Jan. 17. "The positive thing is that its consumer-driven. Weve seen a lot of trade activity prior to this week, and you dont put a lot of stock in whether prices will rise if demand is just coming from the trade. But were off to a good start for the year."