Indian ferro vanadium (FeV 50%) prices declined by INR 26,000/t ($303/t) w-o-w to INR 1,074,000/t ($12,535/t) exw-Raipur. The price drop is in response to sustained weak demand for special steel. Notably, manufacturers are also awaiting cargoes of vanadium pentoxide, a key raw material, whose delivery will take an additional 15-20 days. This also contributed to a subdued market outlook and downward price pressure.
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