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Commodity Market Report 04 April 2023

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Report summary

Noble alloys witnessed recent price spikes in the first quarter of 2023, driven mainly by tight market supply, China’s reopening and renewed buying interest from China. Crude steel and crude stainless steel production growth is expected to accelerate in 2023, which will support noble alloys demand in 2023 and 2024. The global crude steel production is expected to increase at a CAGR 0.5% between 2023 and 2050. Crude steel production growth is expected to shift from China to the rest of the world as Chinese production is expected to decline going forward. Consumption of noble alloys is forecast to grow more quickly than crude steel production, thanks to rising intensities of noble alloys within steel.

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 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)...