European ferro-niobium and ferro-titanium prices edged lower today due to sluggish end-user demand.

Ferro-molybdenum

The Argus assessment for ferro-molybdenum narrowed to $50.50-51.10/kg duty paid Rotterdam today from $50.30-51.30/kg on 24 September, as business was reported on either end of the given range. Smaller tonnage deals continue to exceed $51.10/kg, but sellers have generally remained firm on prices.

Demand for the alloy from Chinese steel mills has been stable ahead of the 1-7 October national day holiday. Chinese steelmakers have purchased around 12,000t of the alloy so far this month.

Ferro-niobium

Argus assessed ferro-niobium prices lower at $45-45.50/kg duty unpaid today, down from from $45-46/kg on 24 September as the previous higher end was no longer representative with most business done closer to $45/kg. Sellers have cut offers in the past week because of slow spot activity and a general lack of competition in Europe due to a preference towards long-term contracts.

Ferro-titanium

European and UK ferro-titanium prices slid further today to $6.50-6.75/kg Ti dp/df Rotterdam and $6.50-6.75/kg Ti ex-works UK, from $6.50-6.80/kg Ti previously, as sales at $6.75/kg Ti were reaffirmed after fourth-quarter business concluded earlier in the week put a dampener on the market. But sluggish end-user demand and a downturn in turnings prices has put a question mark over offers at or above $6.80/kg Ti. One producer concluded four loads at $6.75/kg Ti, and other unconcluded offers were reported at $6.70/kg Ti. One source told Argus that 0-2mm units are widely available at $6.10-6.30/kg Ti in-warehouse Europe, which based on recent business would be a closer price to customs cleared Russian material, but the origin of this material could not be confirmed by Argus.

Argus' Russian ferro-titanium assessment held stable at $5.60-6/kg Ti dap Europe (import duty unpaid) today. Domestic prices were reported at $5.30/kg Ti ex-works Russia, aligning with the Argus range accounting for export duty and delivery to Europe.

Prices for 90/6/4 titanium turnings were steady at $3.75-4/kg ddp NWE, with further transactions falling at the low end of the range. Raw material costs of $3.75/kg ddp could ease pressure on ferro-titanium producers in the near-term provided that ferro-titanium prices do not continue to decline further. The drop in scrap prices in the last few weeks has prompted some traders and producers to hold back from committing to purchases over concern that margins could be in the red by the time the scrap is converted.

Ferro-tungsten

European ferro-tungsten was stable at $42-43/kg duty paid Rotterdam today but offers rose due to ongoing discussions regarding lower stock availability. Sellers were reluctant to accept lower bids while consumers were reluctant to accept higher offers, leaving the market in a stalemate.

A rise in the yuan against the US dollar continued to prompt Chinese export firms to maintain offers at firm price levels. China's tungsten market has dipped since early September and remained under downside pressure recently following lower term bids updated by key consumers including Xiamen Tungsten, Zhangyuan Tungsten and Xianglu Tungsten.

Ferro-vanadium

European ferro-vanadium prices held at $25-26/kg duty paid Rotterdam today as market participants held back to observe reactions to macroeconomic policy changes. Business was confirmed at $25.50/kg, with smaller tonnage business reported above $26/kg. Most market participants pegged prices in the higher end of the given range. "A lot of people are simply selling what they have in stock," a trader said, referring to most enquiries being for smaller quantities.

Some traders continue to offer higher after last month's announcement of US sanctions on Russia's vanadium supply lines targeting the Evraz Group's operations and the implementation of the new national rebar standard in China. Some market participants hope China's new rebar standard will boost vanadium demand in the longer term as some steel mills may increase purchases to meet the required standard. But while the new rebar standard could improve activity, the fundamental issue remains that "you still need to build new buildings to put rebars in, and the real estate sector is completely dead […] so the impact will be rather limited", a trader said last month.