This comes after steel segment production for the quarter ending June fell sharply from the previous quarter and from the same period a year before‚ and much of its vanadium production also dropped on the back of stagnant and falling prices.
In the latest quarter steel segment‚ hot metal production‚ and production of continuously cast blocks and sections halved. Plate production fell 21% and coil by 77% from the earlier period. But prices inched up 3% in these categories‚ although they were 14% down on the same period last year.
Production and internal consumption of vanadium slag also halved in the quarter‚ with prices dropping 65% from the previous quarter.
Fines ore production was the only riser‚ with output up 16%‚ but that was still down 18% on the third quarter last year. However‚ prices for fines ore fell 18% from the earlier quarter and 43% from the period last year.
In the ferrovanadium segment‚ production fell 16% from the previous quarter and 38% from a year ago. Modified vanadium oxide production fell 45% from the June quarter.
However‚ output of nitrovan‚ an alloy that strengthens steel more efficiently than ferrovanadium and reduces costs by up to 40%‚ was up 25%‚ but down 41% from the same quarter last year.
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