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Commodity Market Report 30 March 2022

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Report summary

Within the noble alloys space, vanadium prices have seen solid increases recently, as the Russia/Ukraine conflict added uncertainty onto a market that had already tightened following maintenance closures at co-producers in China. Meanwhile, molybdenum prices remained relatively stable at high levels. Supply growth remains weak and this is likely to result in a continuation of the tight market conditions that endured through 2021. Finally, niobium prices remained stable as CBMM’s dominance of the market allowed it to balance supply and prices.

Prices: short-term market-driven convergence, long-term divergence
Demand: China-dependent with decarbonisation growth potential
Supply: differing trajectories across noble alloys
Molybdenum
Base case price forecast
- Risks to the base case
Niobium
- Background
- Latest outlook
- Base case price forecast
- Key risks to the base case
Vanadium
- Background
- Latest outlook
- Base case price forecast
Carbon steel production trends
Stainless steel production trends
Molybdenum
- Use of molybdenum in steel
- Use of molybdenum in stainless steel
- Use of molybdenum in other applications
Niobium
- Ferroniobium demand
Vanadium
- Use of vanadium in steel
- Use of vanadium in VRBs and other applications
- Substitution between vanadium and niobium
3 more item(s)...