Commodity Market Report
Global noble steel alloys strategic planning outlook - Q1 2022
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.
Table of contents
- 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
-
Molybdenum
- Molybdenum costs
- Niobium
-
Vanadium
- Vanadium feedstock
- Ferrovanadium and vanadium nitride
Tables and charts
This report includes 50 images and tables including:
- Molybdenum demand and finished supply (kt Mo)
- China net imports of molybdenum concentrate and ferromolybdenum (kt Mo)
- Molybdenum prices: recent trends
- Molybdenum prices: future trends
- FeMo conversion premiums
- Forecast crude steel production
- Forecast stainless steel production
- Forecast demand for niobium products by application
- Consumption of vanadium by application
- Vanadium consumption by region
- Molybdenum mine supply by country: base case, probable and possible
- Molybdenum mine supply (kt Mo)
- Niobium production by country, 2021
- Niobium global production capacity
- Niobium production costs, C1
- World niobium intensity
- Niobium market balance
- Forecast demand for niobium from HSLA and non-HSLA
- Niobium cost curve
- Long-term price forecast ferroniobium 66% Nb Rotterdam
- Vanadium demand breakdown, steel vs non-steel
- Vanadium market balance
- Vanadium pentoxide 98%, Rotterdam and ferrovanadium 78-82% V, Rotterdam price trend
- Vanadium pentoxide and ferrovanadium long-term price forecasts
- Crude steel production (ex-stainless steel) and contained finished molybdenum
- Vehicle sales by engine type
- Crude stainless steel production and contained finished molybdenum
- Finished molybdenum demand (kt Mo)
- Civilian aircraft deliveries from select manufacturers (airframes)
- Finished molybdenum demand in non-steel applications (kt Mo)
- Molybdenum use in non-steel applications
- Niobium shipments by product type
- Ferroniobium demand in Nb
- Estimated niobium intensity by country, 2021
- Niobium consumption in ferroniobium by region
- China ferroniobium imports vs ferrovanadium 78-82% V Rotterdam
- Non-HSLA niobium products shipments per category (%) 2021
- Non-HSLA niobium demand breakdown
- Vanadium demand from the steel sector
- World vanadium steel intensity
- Estimated vanadium intensity in steel by region, 2021
- Vanadium redox battery forecasts
- Ferrovanadium vs ferroniobium prices
- World vanadium vs niobium intensity
- Molybdenum mines all-in sustaining cost curve
- Vanadium production by production route
- Vanadium supply by region
- Ferrovanadium and vanadium nitride production share by country
- Vanadium pentoxide cost curve, 2022 (US$/lb V2O5)
- Ferrovanadium and vanadium nitride cost curve, 2022 (US$/kg V)
What's included
This report contains:
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