I think the FeNb price shown (US$45/kg) is too high, because if the FeNb contains say 65% Nb, then that price implies a Nb price of about US$69/kg. I guess it's probably another example of widespread confusion as opposed to being overly optimistic.
I'm sure the graph posted above by Pete RRex is an 8 year record of spot prices for standard ferroniobium landed in Europe in "US dollars per kilogram of contained niobium" or "US$/kg Nb" for short, so that a number on the y-axis of the graph is the price of niobium, not ferroniobium.
The widespread confusion probably arises from treating the units "per kg" and "per kg Nb" the same - they are not, and the distinction is important.
You also need to be careful when looking at data on ferroniobium market tonnages, making sure the number being quoted is for FeNb and not Nb (and vice versa for niobium market tonnages).
General discussion, page-925
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