India: Ferro vanadium prices rise w-o-w amid sellers’ resistance to discounts

• Supply tightens, producers announce maintenance
• Steady demand growth supports market sentiment

Indian ferro vanadium prices increased by INR 53,500/t ($574/t) to INR 1,385,000/t ($14,861/t) ex-works Raipur on 1 April 2026. Prices remained supported by improved market sentiment following raw material price hikes and reduced availability of low-priced material. Strengthened producer pricing discipline and steady procurement further lifted market expectations.

Factors impacting prices

Tight supply, rising costs support prices: Ferro vanadium prices climbed up, primarily driven by tightening supply conditions and strengthening cost support from raw materials. The availability of low-priced spot material has declined significantly, as suppliers showed increased reluctance to sell at discounted levels.

Maintenance announcements from major producers further heightened concerns over supply tightness, reinforcing bullish sentiment. Additionally, the introduction of unified pricing by leading vanadium producers has established clearer cost benchmarks, limiting downward price movements and supporting a gradual upward shift in market levels.

Improving demand trends reinforce market confidence: The market is witnessing a gradual pickup in demand, driven by renewed participation from steel mills. Although procurement is measured, it reflects improving confidence and alignment with production requirements. This balanced buying pattern is supporting steady transaction volumes, while strong seller sentiment continues to uphold price levels. Overall, the market is transitioning towards a more confident and stable phase.

Outlook

Ferro vanadium prices are likely to remain stable with a positive bias, supported by firm production costs, controlled supply, and improving demand conditions. Market participants will closely watch upcoming steel mill tenders, which are likely to provide the next key direction for prices.

Additionally, it is heard that some new special steel projects are coming up, which would increase demand for ferro vanadium in the coming months.