Niobium is an important strategic metal, and the main consumption areas are low-alloy high-strength structural steel, automotive steel, high construction steel, bridge steel, petroleum steel, and amorphous magnet material fields.

Niobium oxide products and its downstream applications faced a tight market due to a lack of concentrate supply following the banning of artisanal mining in Brazil in September 2023. The consumption of niobium-bearing steel grades in the energy and automotive sectors increased in China and India, also the demand of niobium was supported by strong organic growth in steel production in India. Europe started 2024 with a stable FeNb consumption but was impacted by a sharp decline starting in early Q3, mostly related to competition from imported carbon steel into Europe, mostly coming from China, India and other Asian countries.