Ferrovanadium was trading between $12.50 to $13 per pound from $12.25 to $12.75 previously, on the back of improved steel mill buying, while vanadium pentoxide remained range bound between $7 and $7.50 per pound. Coming on the back of a healthy correction from its huge January gains, this has brought some kind of cheer to the vanadium market.
The slide in metals was ignited by China's announcement on January 13, 2010 that it would tighten the banks' reserve requirements by half of a percentage point which is perceived as a sign of further monetary tightening creating fear that the Chinese economy will slow further cutting off global recovery.
