The introduction of the price will expand Fastmarkets' current price coverage of the ferro-alloys markets.
As well, over the past few years, steel mills have been showing more interest in purchasing ferro-niobium following China’s revised rebar policy that came into effect on November 1, 2018, resulting in vanadium prices soaring to multi-year highs. The policy requires Chinese steel mills to eliminate the original 335 megapascals (MPa)-tensile strength rebar and start producing 600MPa-tensile strength rebar, which has better earthquake resistance.
Both ferro-vanadium and ferro-niobium are used in the production of steel rebar and can be used interchangeably to meet the required tensile strength in some steel products.
The proposed specifications for the new price assessment are listed in full below:
: Ferro-niobium 60-70%, delivered consumer works Europe, duty paid, $/kg Nb
: 10-50mm lump. Nb 60-70%; C 0.2% max; Si 3.0% max; Al 1-2%; S 0.15%, max; P 0.15%, max; Ta 0.5%, max
: Minimum 5-tonne lots
: Delivered consumer works Europe
: USD per kg Nb
: Cash; other payment terms normalized
: Weekly. Wednesdays between 2pm and 3pm London time
: Packaged in 250 kg drums or one-tonne big bags
The consultation period for this proposal price will end one month from the date of this pricing notice on Thursday February 25, 2021. Subject to feedback, the new price will launch on Wednesday March 3, 2021.
To provide feedback on this proposal or if you would like to provide price information by becoming a data submitter to this price, please contact Ewa Manthey by email at: email@example.com
. Please add the subject heading FAO: Ewa Manthey, re: ferro-niobium delivered consumer works Europe duty paid price.
To see all Fastmarkets pricing methodology and specifications documents go to: https://www.metalbulletin.com/prices/pricing-methodology.html
Last year Fastmarkets carried out an initial consultation with market participants that showed support for the publication of this price but decided to postpone the launch after liquidity in the spot market had thinned substantially because of weakening demand and global uncertainty amid the global Covid-19 coronavirus outbreak.