Vanadium slag production increased by 7% compared to Q2 2014 as a result of higher slag volumes at Russian EVRAZ NTMK following completion of maintenance works at the mill’s converter in May 2014.

Production of Ferrovanadium in Q3 2014 decreased by 9% compared to Q2 2014 and by 5% year-on-year. Production of ferrovanadium at EVRAZ’s own facilities was 10% and 6% lower respectively affected by the undersupply of vanadium pentoxide (V2O5) by EVRAZ Vanady Tula due to operational issues and repair works at its V2O5 producing facilities in September 2014. Ferrovanadium processed at third party facilities was 8% and 5% less than in Q2 2014 and Q3 2013 respectively as a result of reduced slag supply from EVRAZ Highveld.

In Q3 2014, production of Nitrovan by Vametco in South Africa was negatively affected by the scheduled annual shutdown of the plant in September 2014. Production in Q3 last year was affected by the industrial action, hence there is an 18% increase year-on-year.

Production of oxides, vanadium aluminum and chemicals at EVRAZ Stratcor facility at Arkansas (US) improved by 19% compared to the previous quarter and by 30% vs. the same quarter of last year due to higher oxide extraction yields and stable feedstock availability.

Ferrovanadium and Nitrovan prices declined by 4% in Q3 2014 vs. Q2 2014 driven by Metal Bulletin Ferrovanadium index which was negatively affected by a significant increase of Chinese FeV exports to Europe. Prices of Oxides, VAL and Chemicals decreased quarter-on-quarter as a result of both a weaker Metal Bulletin Oxide index and a different sales mix.

• [Editor:Mango]