European ferrovanadium prices rose unexpectedly this week as Chinese sellers returned to the market with higher offers after a week-long holiday.
"Stocks are low in Europe and factories are buying so we are are in the market," a European trader source said.
Market participants said they were hearing of a shortage of slag, the raw material for ferrovanadium which was prompting Chinese sellers to hike offers for export. Offers from China reported on Thursday, were $19.60/kg ex Rotterdam duty unpaid in China and $19/kg CIF Europe, duty unpaid.
"Ferrovanadium is very friendly if you have material to sell," a second European trader said.
A sale to a European mill was reported at $19.25/kg DDP and considered an "acid test", confirming to sellers that prices had firmed not only to trade. A mid-week sale at $19.50/kg in Rotterdam was also reported by trade.
Platts assessed its weekly European ferrovanadium price on Thursday at $18.70-$19.50/kg from $18.30/kg-18.70/kg.
