Noble steel alloys short-term outlook October 2022 Report

Commodity Market Report 04 November 2022

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Report summary

There was a divergence in noble alloys price trends in October. Tight market conditions meant that renewed molybdenum buying activity in China pushed prices higher. Although profit-taking set in later in the month, average October prices were still higher than in September. It was a different story for niobium and vanadium, however. Ferroniobium prices continued to fall in October, while China’s “COVID zero” policy and weak property market are likely to weigh on the market for the rest of the year. Meanwhile, vanadium prices fell to levels last seen in February 2021, under pressure from the dual crisis of energy in Europe and property in China.

Molybdenum
Niobium
Vanadium
Molybdenum
- Chinese buying activity buoys prices
Niobium
- Niobium price declines further
Vanadium
- Prices to slide until January
Crude steel trends
Stainless steel trends
Molybdenum
- Modest revisions to demand forecasts
Niobium
- Europe’s falling power prices provide a reprieve
Vanadium
- Dual crisis in Europe and China weighs on demand
- VRB announcements pick up steam
Molybdenum
- Supply remains tight for the time being
2 more item(s)...