According to Japanese news agency Nikkei, prices of rare earth metals used in steel production are plummeting mainly due to falling demand from European and emerging countries amid global economic uncertainty.
The international market price of vanadium used in stainless steel production settled at $27.05/kg at the end of October, down 13 percent from February levels. As major vanadium consuming countries, Europe Union is negatively affected by the slow activity in construction industry during debt crisis. The demand for stainless steel used in dam, bridge and high building is significantly reducing.