European FeV prices climbing hourly

Sales of FeV have been booked at $94-95 per kg in Europe, more than $10 per kg higher than business a week ago. Traders say they are struggling to keep up with the rapid price escalation. Buying on the part of the Chinese seems to be the impetus behind the runaway European market.  However, the shutdown of the Vametco operation in South Africa due to a strike, which began on Sept. 5, might have added further fuel to the overheated market. Evraz sold Vametco to Bushveld two years ago. Nitrovan is produced there, and Vametco’s nitrovan exports to the US are 2-million lb year to date. Market sources believe Vametco ships a little over 3-million ppy of Nitrovan to the US. The US market, however, has not moved as dramatically as the market in Europe. Some sellers have raised their prices to $41-42 per lb, but truckload sales were recently done below $40.

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