Global ferro-alloy prices have been largely stagnant over the past week, with little activity in markets characterised by adequate supply and disappointing demand. Ferro-vanadium has been the major mover over the past week, with prices plunging in both Europe and the USA, with prices now losing the gains made in the first quarter of the year. We expect ferro-alloy prices to trade sideways to lower in the near term. We do not see any impending impetus for higher prices from improved demand from carbon or specialty steelmakers. Ferro-alloy prices will remain dependent on supply-side developments for any upward momentum. We saw this most recently in the molybdenum market with mine outages and shipping disruptions sending ferro-molybdenum prices higher during April. Momentum in the molybdenum market has now stalled, however, with concerns fading over potential supply shortages as demand remains subdued.
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