Ferro Vanadium prices in the United States surged sharply in March 2026, driven by war-related disruptions and tight feedstock supply. Escalating tensions between the United States and Iran disrupted trade through the Strait of Hormuz, reducing V2O5 availability. Prices rose from USD 34,180/MT to USD 51,650/MT by month-end. Supply constraints were worsened by a 15% drop in imports, production cuts, and higher energy and compliance costs. Strong demand from the steel sector, especially HSLA applications, supported the rally. Despite steady inventories, spot shortages led to premiums. The near-term outlook remains firm but volatile, influenced by geopolitical risks and supply conditions.
