The trend in vanadium prices through August was similar to that in July. Average prices in Europe and the USA dropped 4.9% and 3.5%, respectively. Latest quotes price material at$23.43/kgV in Europe lor 78-80% V material and $29.98/kg in the US spot market. The premiums lor US material over EU material have narrowed to less than 30% after reaching a 2012 peak of 36% in March. MBR forecasts premiums to continue to fall as availability of material in the USA increases. Although the premium may decline, it will more likely be the result of weak fundamentals rather than as a result of the recent removal of US import duties. Global demand appears to be flat at best as global steel production grew at just 1.0% through the first seven months of 2012 compared to growth of 8.6% in the same period of 2011.
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