- Tight availability strengthens price realisation trend
- Muted downstream demand caps further price momentum
Indian ferro vanadium prices increased by INR 13,500/t ($145/t) to INR 1,413,500/t ($15,139/t) ex-works Raipur on 15 April 2026. Prices continued to move up, driven by tight supply and rising raw material costs, while sellers’ reluctance to accept lower rates and cautious demand continue shaping a strong market.
Factors impacting prices
Tight supply and cost push lift prices: Indian ferro vanadium prices witnessed continued rise, supported by constrained availability and escalating input costs. Higher prices of upstream raw materials, including vanadium pentoxide and ammonium metavanadate, have significantly increased production expenses.
As a result, sellers are under pressure to maintain higher offer levels and are unwilling to sell at lower rates. Low-priced spot availability continues to shrink, while quotations have moved upward, reflecting stronger holding strategies and limited readiness to negotiate.
Cautious buying activity caps aggressive upside: On the demand side, steel mills have initiated fresh procurement tenders, with some bids reflecting an increase compared to previous cycles. However, downstream buyers remain cautious, showing limited acceptance of higher price levels in the spot market.
Retail demand continues to be moderate, and concluding deals at elevated prices remains challenging. While procurement activity offers some support, the overall pace of buying is measured, preventing any sharp upward movement despite strong cost-side pressure.
Outlook
Ferro vanadium prices are likely to stay volatile in the short term, driven by restricted vanadium supply, elevated upstream costs, and continued seller reluctance, while demand-side bidding recovery remains gradual and selective.
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