Steel Alloys / Vanadium: Global industry markets and outlook, 12th edition 2010

Vanadium prices have shown a high degree of volatility over the last 20 years. However, in the economic downturn in 2009, the price did not fall to the lows experienced between 1998 and 2003. In a prompt response to economic conditions, many producers cut output and limited the fall in price. The recovery in prices for ferrovanadium stalled in mid 2010, but in the longer term prices are forecast to rise, reaching US$75/kg by 2015.

Over the last decade, China has become both the main producer and main consumer of vanadium. In terms of supply, it now accounts for almost 50% of the global total and planned expansion over the next two years will consolidate this position. Chinese demand for vanadium grew at 13%pa between 2003 and 2009 in line with its burgeoning steel output. Countries with mature economies have a much higher intensity of use of vanadium in steels than industrialising countries; in 2008, intensity of use in the USA was more than three times as great as that in China. Over the next decade one of the main drivers for growth in vanadium demand will be a combination of strong growth in steel output in BRIC countries and an increasing emphasis in these countries on production of high strength low alloy steels with their higher vanadium content.

World production of vanadium grew by more than 7%pa from 2003 to 2008. Initially, production increases were met by taking up spare capacity at existing operations but from 2006, capacity had to be increased to meet demand. Most of this expansion, however, was also at existing mines and plants, most notably in China. In the next few years additional supply could come from re-opening the mine and plant at Windimurra, a new mine and plant in Brazil, further expansion of slag output in Sichuan as well as an increase in by-product output from uranium processing in the USA and South Africa.

Get accurate answers from independent experts

• Where are the main commercially exploited vanadium resources?
• What percentage of vanadium supply is derived from ashes and residues?
• How vulnerable is ferrovanadium to substitution by ferroniobium in HSLA steels?
• What impact is the development of the vanadium redox battery likely to have on future demand?
• How has the US anti-dumping action on ferrovanadium affected world trade in vanadium products?
• How will vanadium prices react if some of the proposed new capacity fails to come on line?

This report gives you a full analysis of the key trends, issues and developments in the market, a clear insight into all areas of the industry and an authoritative analysis of its prospects.