The view comes in the face of continuing weakness, in spite of ostensibly bullish factors such as the loss of production from troubled South African company Evraz Highveld Steel and Vanadium
Metal Bulletin’s quotation currently stands at $12.90-13.50 per kg, close to levels last seen in July 2003, a situation exacerbated by an entrenched expectation of further negativity to come, according to the supplier.
“There are traders who are still able to get cheaper material. Small quantities sold on short-term contracts [can move the market],” the supplier said.
“The market is affected by...