Global noble steel alloys strategic planning outlook - Q2 2023

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 will lift production in the short-term, narrowing the recent market deficits. By 2024, we expect the market to be back into surplus. The main driver of market balance over the next decade will be supply growth. Vanadium demand is on the rise due to its increasing usage in crude steel and the growing popularity of VRB technologies. This trend is further fuelled by the deployment of new energy storage installations to support renewable energy capacity. Meanwhile, the niobium market is projected to grow, due to the rising demand from steel. Despite growing demand, niobium supply is expected to remain adequate as major producers are currently under-utilised and can meet the supply shortfall.