Steel Alloys / Vanadium: Global Industry Markets and Outlook, 13th edition 2013
- 1. Summary
- 2. Introduction to vanadium
- 3. Vanadium sources and resources
- 4. Mining and processing of vanadium
- 5. Overview of the world supply of vanadium
- 6. Supply of vanadium by country and company
- 7. International trade in vanadium
- 8. World consumption of vanadium
- 9. Use of vanadium in steel
- 10. Use of vanadium in non-ferrous alloys
- 11. Use of vanadium in chemical applications
- 12. Use of vanadium in batteries
- 13. Vanadium supply and demand balance to 2017
- 14. Historical and forecast price trends for vanadium
Vanadium: Global Industry Markets and Outlook, 13th edition 2013
Roskill's 13th report on Vanadium has been published. If you're involved with vanadium in any way, it will help you make the right decisions
Both production and consumption of vanadium peaked in 2012, driven by continued growth in demand for vanadium in steel. Over 90% of vanadium is consumed as ferrovanadium in the production of steel.
Growth in vanadium demand is set to continue through 2013 and beyond, underpinned chiefly by growth in steel consumption in developing nations for construction purposes. However the precise rate of growth in vanadium consumption will be dependent on a number of factors, most notably new regulations for Chinese high-strength construction steel, which have the potential to significantly increase vanadium demand.
New design codes in China aim to restrict the use of lower strength reinforcing bars and government directives require the production of high vanadium content alternatives. This has the potential to increase China’s vanadium intensity usage rate, which currently lags those of developed countries such as the USA.
China is now the world’s largest producer of vanadium and increases in vanadium demand will, for the most part, be met by planned expansions to existing production facilities. China is in the process of significant expansion of co-product vanadium production and has added significantly to its total vanadium production capacity in 2011 and 2012 with further expansions scheduled over the next five years. Whilst production is spread across approximately 40 significant producers as well as an estimated 150 small-scale operations, volume production is dominated by Pangang Group Steel Vanadium and Titanium in Sichuan and Chengde XinXin Vanadium & Titanium Co in Hebei.
However, a number of new projects in the RoW are expected to become operational in the short term aiming to meet future increases in vanadium demand. Atlantic Ltd, which operates the Windimurra mine in Australia, started production in 2012 and is expected to produce at full capacity by the end of 2013. Largo Resources Ltd, report that production will start at its Maracás deposit in Brazil within the next year.
Increased production from these new sources is expected to keep the market in balance to 2017, although much remains dependent on prices for vanadium, which may render a wide number of producers in China and the RoW uneconomical if they fall below a certain level.
Get accurate answers from independent experts
- Where are future sources of vanadium production located?
- How will changes to Chinese rebar policy affect demand?
- How will world supply and demand for vanadium develop through to 2017?
- Will the commercialisation of vanadium redox batteries be significant?
- What is the outlook for vanadium prices?