Commodity Market Report
Global noble steel alloys investment horizon outlook - Q3 2023
Report summary
Within the noble alloys space, demand will be driven by an increase in intensity of use of molybdenum, niobium and vanadium in steel. The molybdenum market remains tight in 2023 but new projects is expected to lift production in the short-term, narrowing the recent market deficits. Despite the relatively slow growth in forecast crude steel production in the coming decade, rising intensity of use of molybdenum in steel will drive consumption in the forecast period. Vanadium demand remained severely affected by the construction sector lull in China and Europe. However, in long term the demand is to grow on increasing vanadium intensity Chinese steel and higher demand from vanadium redox flow batteries. Meanwhile, Niobium market also remained effected by the subdued steel demand, however, supply shortage has provided some support to the market. In long term, niobium market is expected to witness higher demand from super alloys and battery sector.
Table of contents
- Molybdenum
- Vanadium
- Niobium
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