South African president Cyril Ramaphosa announced the lockdown on Monday March 23
, stating it would run from midnight on March 26 until April 16.
In response, Fastmarkets assessed the ferro-vanadium basis 78% V min, 1st grade, ddp Western Europe price
at $23-24.95 per kg on Friday April 3, up 5% from the mid-week assessment of $22-23.65 per kg, when prices had increased from $22-23.50 per kg on Friday March 27, in an active spot market.
“Seems like $22 per kg was the key psychological level that suppliers did not want to cross,” a trader in Europe said.
Meanwhile, prompt availability for material has tightened
, market sources said.