NEW YORK Ferrochrome spot prices have moved up on the back of sustained strong demand and tight supply, while ferrovanadium and molybdenum spot prices continue to show weakness.
High-carbon ferrochrome tightened to a range of $1.13 to $1.17 per pound from $1.12 to $1.17 previously, while 0.10-percent-carbon ferrochrome moved up to a range of $2.04 to $2.08 per pound from $2.02 to $2.07 previously.
0.05-percent-ferrochrome also widened to a range of $2.25 to $2.28 per pound from $2.25 to $2.26 per pound previously.
"Were selling with very good demand, and our long-term customers are still taking at a pretty healthy clip," one trader said. "(The spot demand for low-carbon ferrochrome) just came out of nowhere. We keep raising our numbers and people keep meeting it, so we keep raising it."
A second ferrochrome trader said that high-carbon supply remains "very tight."
Meanwhile, ferrovanadium widened to a range of $12.75 to $13.50 per pound from $13 to $13.50 previously.
Transactions were also reported below $12.75 per pound for partial truckload volumes, with some traders reportedly liquidating their positions due to anxiety over future spot market demand. However, producers continued to report strong offtake from long-term customers.
"Contract releases remain strong and vanadium inventories appear to be tightening up," one producer said.
Molybdic oxide and ferromolybdenum prices also tumbled, with suppliers reporting a significant drop in spot demand.
Molybdic oxide moved down to a range of $13 to $13.50 per pound from $14.20 to $14.50 previously, while ferromolybdenum dropped to a range of $16.50 to $18 per pound from $18.50 to $19 previously.
Moly spot pricing began to reverse course last month (amm.com, June 20) after skyrocketing throughout April and May due to tightening supply amid rampant demand (amm.com, May 16).