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Vanadium: Global Industry Markets and Outlook (13th Edition)

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LONDON, March 13, 2013 /PRNewswire/ --

World vanadium consumption peaked at 78,000t V in 2012, according to a new study by Roskill.  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 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.

Consumption growth driven by Chinese steel production

Over 90% of vanadium is consumed as ferrovanadium in the production of steel. Growth in world consumption has been driven by Asian demand, particularly in China, over the past few years. In 2012 China accounted for 34% of world vanadium demand compared to just over 20% in 2006.

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 the intensity of China's vanadium usage in steel, which currently lags those of developed countries such as the USA.

With steel production forecast to rise by 3%py and the expectation that China will need to consume additional quantities of vanadium to meet new rebar regulations, increasing quantities of vanadium will be required to meet global demand.  

New capacity will enter the market to meet growing demand  

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 capacity, with further expansions scheduled over the next five years. Whilst production is spread across approximately 40 main 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.

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 and other potential new sources is expected to keep the market in balance to 2017, although much remains dependent on the price for vanadium, which may render a wide number of producers in China and the ROW uneconomical if it falls below a certain level.

A broadly balanced market should lead to a recovery in vanadium prices

Fluctuations in the supply and demand balance have underpinned significant volatility in vanadium prices over the past few years.  Prices reached peaks of US$27.00/lb V2O5 in 2005 in response to demand outstripping supply the previous year. Whilst prices then fell back, they remained high during 2006 and 2007 because of strong consumption by the steel industry during a period of sustained growth in steel production.  

Prices rose again in prompt response to interruptions to production in South Africa and China between in the first half of 2008, but fell again once the effects of low consumption, caused by a sharp fall in steel production, were felt in the fourth quarter. Following this sharp decline, prices remained steady throughout the global economic downturn, although average prices did drop marginally between 2010 and 2012.

Roskill expects the market to remain broadly balanced from 2012 to 2017.  An increase in Chinese consumption, driven by changes to government policy, is forecast to result in demand slightly outstripping supply to 2014, by which time increased capacity in China and the ROW is expected to reverse this trend.  A marginal market surplus is forecast between 2014 and 2017, albeit a surplus representing around 5% of total demand.

With demand expected to marginally exceed supply in 2013 and 2014, Roskill expects a recovery in vanadium prices over this period. Consumption is then forecast to slightly lag production as new capacity comes on stream between 2015 and 2017 and prices are expected to remain relatively stable. Vanadium pentoxide prices are expected to reach US$11.00/lb V2O5 (in 2012 US Dollar terms) by 2017.

Web: http://www.roskill.com/vanadium

Note to editors

The report contains 253 pages, 130 tables and 82 figures. It provides a detailed review of the industry, with subsections on the activities of the leading producing companies. It also analyses consumption, trade and prices.

For further information on this report, please contact Judith Chegwidden (jchegwidden@roskill.co.uk). To be added to our press distribution list, please contact Isobel Jarvis (isobel@roskill.co.uk).

Table of Contents

    Page

1.    Summary    1

1.1    Supply    1

1.2    Supply outlook    2

1.3    Demand    3

1.4    Demand outlook    5

1.5    Trade    5

1.6    Prices    6

2.    Introduction to vanadium    8

2.1    Chemical and physical properties of vanadium    8

3.    Vanadium sources and resources    10

3.1    Occurrences of vanadium    10

3.2    Commercial sources of vanadium    11

3.3    World resources    13

4.    Mining and processing of vanadium    14

4.1    Production of vanadium raw materials    15

4.1.1    Primary - mineral concentrates    16

4.1.2    Co-product - slags    17

4.1.3    Secondary - residues and spent catalysts    19

4.1.4    Other sources    19

4.2    Processing of vanadium raw materials into vanadium    19

4.3    Conversion into ferroalloy products    24

4.4    Other alloys and vanadium metal    26

4.5    Production costs for vanadium    26

5.    Overview of the world supply of vanadium    30

5.1    Production capacity    35

5.2    New production and expansions to production    36

6.    Supply of vanadium by country and company    38

6.1    Australia    38

6.1.1    Atlantic Ltd (Windimurra)    38

6.1.2    Potential production    40

6.1.2.1    Forge Resources Ltd (Balla Balla)    40

6.1.2.2    Reed Resources (Barrambie)    41

6.1.2.3    Yellow Rock Resources (Gabanintha)    42

6.1.2.4    Speewah Metals Ltd (Kununurra)    43

6.1.2.5    TNG (Mount Peake)    43

6.1.2.6    Other    44

6.2    Austria    45

6.2.1    Treibacher Industrie    45

6.2.2    International trade    46

6.3    Belgium    47

6.4    Brazil    47

6.4.1    Largo Resources (Maracás)    47

6.4.2    Largo Resources (Campo Alegre de Lourdes)    48

6.4.3    Lara Exploration Ltd    49

6.5    Burundi    49

6.6    Canada    49

6.6.1    AMG Vanadium Inc.    49

6.6.2    Gulf Chemical & Metallurgical    50

6.6.3    Masterloy products    50

6.6.4    Potential production    50

6.6.4.1    PacificOre Mining Corp (Lac Doré)    50

6.6.4.2    PacificOre Mining Corp (Iron-T)    51

6.6.4.3    PacificOre Mining Corp (Game Changer)    51

6.6.4.4    Gossan Resources (Pipestone)    51

6.6.4.5    Argex Silver Capital Inc. (La Blache)    52

6.6.4.6    Noront Resources (Thunderbird)    52

6.6.4.7    Northern Shield Resources Inc. (Highbank Lake)    52

6.6.4.8    BlackRock Metals (BlackRock Project)    53

6.6.4.9    Crosshair Energy Corp (CMB)    53

6.6.5    International trade    53

6.7    Chile    54

6.7.1    Cia Minera del Paćifico (El Romeral)    54

6.7.2    SAIS (Ironsands)    54

6.8    China    54

6.8.1    Vanadium resources    55

6.8.2    Mine production    58

6.8.3    Production of vanadium products    58

6.8.3.1    Beihai Special Ferroalloy Group    60

6.8.3.2    Caixin Ferroalloy Plant    60

6.8.3.3    Chengde XinXin Vanadium & Titanium Co    60

6.8.3.4    China Vanadium Titanomagnetite Mining    62

6.8.3.5    Chongyang Vanadium Iron Plant    62

6.8.3.6    Chuantou Emei Ferroalloy Plant    63

6.8.3.7    Chongyan County Sanxin Vanadium    63

6.8.3.8    Dalian Galaxy Metal Material Co    63

6.8.3.9    Dalian Zhuorui Resource Recycling Co Ltd    63

6.8.3.10    Dunhuang Jindi Vanadium Co    63

6.8.3.11    Fuzhou Fuyuan Nonferrous Metal Products Co    64

6.8.3.12    Gansu Winshine Vanadium    64

6.8.3.13    Guizhou Meiyuan Mining    64

6.8.3.14    Hangten Asia Co Ltd    64

6.8.3.15    Hengyang City Chenhui Chemical Co    64

6.8.3.16    Hongjiang Dekun Vanadium Plant    65

6.8.3.17    Huludao Hongjing Molybdenum Products    65

6.8.3.18    Hubei Youjin Vanadium Industry Co    65

6.8.3.19    Jiangxi Rentian Mining Co Ltd    65

6.8.3.20    Jianlong Group Corp    65

6.8.3.21    Jinzhou Kohsei Daye Ferroalloy    66

6.8.3.22    CITIC Jinzhou Metal Co Ltd    66

6.8.3.23    Kingstone Industrial Group Ltd    66

6.8.3.24    Kunming Iron & Steel Co    66

6.8.3.25    Liaoning Chenguang Ferroalloy    67

6.8.3.26    Liyuan Vanadium Plant    67

6.8.3.27    Miyi Xingchen Vanadium & Titanium Alloys Co    67

6.8.3.28    Pangang Group Steel Vanadium & Titanium    67

6.8.3.29    Panzhihua Jinjiang Metallurgical Chemical Plant    70

6.8.3.30    Panzhihua Hongsha Vanadium    70

6.8.3.31    Shaanxi Wuzhou Mining Co    71

6.8.3.32    Shanghai Jiuling Smelting Co    71

6.8.3.33    Shengchuan Vanadium    71

6.8.3.34    Shuangfeng Vanadium and Titanium Company    72

6.8.3.35    Sichuan Desheng    72

6.8.3.36    Sichuan Guanghan Jin Mu Vanadium    72

6.8.3.37    Sichuan Zhuoye Vanadium and Titanium Co Ltd    72

6.8.3.38    Sino Vanadium    72

6.8.3.39    Wuhu Renben Alloy Co    73

6.8.3.40    Wylton (Tongren) Chemical Co Ltd    73

6.8.3.41    Xichang New Vanadium & Titanium Co    73

6.8.3.42    Yaolinghe Vanadium    73

6.8.3.43    Yuxi Pengcheng Chemical & Smelting Co    73

6.8.3.44    Zhuyu Vanadium and Titanium    73

6.8.4    Potential production    74

6.8.5    International trade    74

6.9    Czech Republic    80

6.9.1    Evraz Nikom    80

6.9.2    International trade    80

6.10    Ecuador    81

6.11    Finland    82

6.12    France    83

6.13    Germany    83

6.13.1    GfE Metalle und Materialien (GfE)    83

6.13.2    Nickelhütte Aue    85

6.14    Greenland    85

6.15    India    85

6.15.1    Vanadium resources    85

6.15.2    Production of vanadium products    86

6.15.2.1    Catalyst India    87

6.15.2.2    Crown ferroalloys    87

6.15.2.3    Essel Mining    87

6.15.2.4    Indian Technomac Company Ltd (ITCOL)    87

6.15.2.5    Minmat Ferro Alloys Private Ltd    88

6.15.2.6    Nagpur Pyrolusite Private Ltd    88

6.15.2.7    Premier Alloys and Chemicals    88

6.15.2.8    RR Ferroalloys    88

6.16    Japan    88

6.16.1    Kashima Kita Electric Power Corp    88

6.16.2    Metal Technology    89

6.16.3    Nippon Denko    89

6.16.4    Shinko Chemical    89

6.16.5    Taiyo Koko    90

6.16.6    International trade    90

6.17    Kazakhstan    91

6.17.1    International trade    93

6.18    South Korea    93

6.18.1    Korvan    93

6.18.2    Woojin    93

6.18.3    Other producers    94

6.18.4    International trade    94

6.19    Madagascar    96

6.20    Mexico    96

6.21    Mozambique    97

6.22    Namibia    97

6.23    Netherlands    97

6.24    New Zealand    98

6.24.1    New Zealand Steel    98

6.24.2    Trans-Tasman Resources    99

6.24.3    International trade    99

6.25    Papua New Guinea    99

6.26    Poland    100

6.27    Russia    100

6.27.1    Vanadium resources    101

6.27.2    Mine production    102

6.27.3    Production of vanadium products    103

6.27.3.1    Evraz Group    106

6.27.3.2    JSC Pervouralsk    110

6.27.3.3    JSC Volkovsky Rudnik    111

6.27.3.4    JSC Chusovoy    111

6.27.3.5    JSC Uralredmet    113

6.27.4    Potential production    113

6.27.5    International trade    115

6.28    Spain    116

6.29    Somalia    116

6.30    Saudi Arabia    116

6.31    South Africa    117

6.31.1    Vanadium resources    117

6.31.2    Mine production    118

6.31.3    Production of vanadium products    119

6.31.3.1    Evraz Highveld Steel and Vanadium Ltd    119

6.31.3.2    Vanchem Vanadium Products    122

6.31.3.3    Xstrata Alloys (Rhovan)    123

6.31.3.4    South Africa Japan Vanadium (SAJV)    124

6.31.4    Potential production    125

6.31.5    International trade    125

6.32    Swaziland    126

6.33    Sweden    127

6.34    Taiwan    127

6.35    Tajikistan    127

6.36    Tanzania    128

6.37    Trinidad and Tobago    128

6.38    Ukraine    128

6.38.1    JSC Mariupol Metallurgical Complex    129

6.39    USA    129

6.39.1    Vanadium resources    130

6.39.2    Production of vanadium products    131

6.39.2.1    ATI Wah Chang    131

6.39.2.2    Bear Metallurgical    132

6.39.2.3    Energy Fuels Inc.    132

6.39.2.4    Evraz Stratcor    133

6.39.2.5    International Specialty Alloys (ISA)    134

6.39.2.6    Gulf Chemical & Metallurgical Corp    134

6.39.2.7    AMG Vanadium Inc.    135

6.39.2.8    Reading Alloys Inc.    135

6.39.3    Potential production    135

6.40    Venezuela    136

6.40.1    Petróleos de Venezuela (PDVSA)    137

6.41    Vietnam    137

6.42    Zimbabwe    137

7.    International trade in vanadium    138

7.1    Trade in vanadium ash, residues and slag    138

7.2    Trade in vanadium pentoxide    139

7.3    Trade in ferrovanadium    145

8.    World consumption of vanadium    153

8.1    Consumption of vanadium by region    155

8.2    Intensity of use    160

8.3    Substitution    162

9.    Use of vanadium in steel    163

9.1    Distribution of vanadium use in steel    163

9.2    Strengthening mechanisms for steel    164

9.3    Vanadium consumption by type of steel    167

9.4    Use of vanadium in high-strength low-alloy (HSLA) steels    168

9.4.1    Choice of alloying additions in HSLA steel    169

9.4.2    HSLA steel groups    170

9.4.3    Markets for HSLA steels    172

9.4.3.1    Long steel - reinforcing bars    173

9.4.3.2    Long steel - structural applications    175

9.4.3.3    Plate steel - oil and gas industry    176

9.4.3.4    Plate steel - transport industry    178

9.4.3.5    Plate steel - pressure vessels    181

9.5    Use of vanadium in full alloy steels    181

9.5.1    Types of full alloy steel    182

9.6    Trends in demand for vanadium in steel    184

10.    Use of vanadium in non-ferrous alloys    190

10.1    Use of vanadium in titanium alloys    190

10.2    Use of vanadium in superalloys    193

10.3    Use of vanadium in magnetic alloys    194

10.4    Use of vanadium in other non-ferrous alloys    195

10.5    Trends in demand for vanadium in non-ferrous alloys    196

11.    Use of vanadium in chemical applications    201

11.1    Use of vanadium in catalysts    202

11.1.1    Sulphuric acid production    204

11.1.2    Catalysts for monomer production    205

11.1.3    Synthetic rubber production    205

11.1.4    Flue gas desulphurisation and denitrification    206

11.1.5    Hydrogen sulphide removal    208

11.1.6    Fluid Catalytic Cracking (FCC) catalysts    208

11.1.7    Other catalytic uses    208

11.2    Use of vanadium in corrosion inhibitors    208

11.3    Use of vanadium in medicine and pharmaceuticals    210

11.4    Use of vanadium in dyes    210

11.5    Use of vanadium in phosphors    211

11.6    Use of vanadium in glass and ceramics    211

11.7    Use of vanadium in conversion coatings    211

11.8    Trends in demand for vanadium in chemical applications    212

12.    Use of vanadium in batteries    213

12.1    Flow batteries    213

12.1.1    Producers of vanadium redox batteries    218

12.1.1.1    Ashlawn Energy    219

12.1.1.2    Cellennium    219

12.1.1.3    Cellstrom (Gildemeister Group)    220

12.1.1.4    Prudent Energy VRB Systems    221

12.1.1.5    Rongeke Power    224

12.1.1.6    RedT    224

12.1.1.7    Sumitomo Electric Industries    225

12.1.2    Recent developments in VRBs    225

12.2    Rechargeable lithium batteries    226

12.2.1    Lithium-metal polymer (LMP) batteries    227

12.2.2    Lithium-ion batteries    228

12.3    Trends in demand for vanadium in batteries    229

13.    Vanadium supply and demand balance to 2017    231

13.1    Vanadium demand outlook    232

13.2    Vanadium supply outlook    234

13.3    Forecast supply and demand balance    234

14.    Historical and forecast price trends for vanadium    236

14.1    How vanadium is priced    236

14.2    Historical price trends for vanadium    238

14.2.1    Vanadium pentoxide    240

14.2.2    Ferrovanadium    244

14.2.3    Chinese vanadium prices    249

14.3    Outlook for vanadium prices    250


List of Tables

    Page

Table 1: World: Potential producers of vanadium to 2017    3

Table 2: World: Forecast consumption of vanadium by region, 2012 to 2017    5

Table 3: Forecast European vanadium pentoxide prices, 2012 to 2017      7

Table 4: Properties of vanadium    9

Table 5: World: Vanadium reserves, 2012    13

Table 6: World: Vanadium production, 2006 to 2012    18

Table 7: World: Raw materials source of leading producers    18

Table 8: World: Potential producers of vanadium to 2017    18

Table 9: Windimurra: Mineral resource estimate, 2012    18

Table 10: Windimurra: Ore reserves, 2012    18

Table 11: Balla Balla: Resource estimate and ore reserves    18

Table 12: Gabanintha: Mineral resource estimate, 2011    18

Table 13: Kununurra: Mineral resource estimate, 2012    18

Table 14: Mount Peake: Resource Estimate, 2011    18

Table 15: Treibacher Industrie: Vanadium product range, 2012    18

Table 16: Austria: Recorded imports of FeV by partner countries, 2006 to 2012    18

Table 17: Maracás: Ore reserves, 2012    18

Table 18: Iron-T: Mineral resource estimate, 2011    18

Table 19: Hervieux West and Hervieux East: Mineral resource estimate, 2011    18

Table 20: Distribution of vanadiferous titanomagnetite resources in the West

    Panzhihua region of Sichuan, 2009    18

Table 21: China: Producers of vanadium, 2012    18

Table 22: China: Chengde Xin Xin production capacity, 2012    18

Table 23: China: Chengde Xin Xin vanadium production, 2009 to 2012    18

Table 24: Chengde Xin Xin: Vanadium product range    18

Table 25: Production capacity of Pangang Group Steel Vanadium & Titanium, 2012    18

Table 26: China: Pangang Group Steel Vanadium & Titanium production, 2010

    to 2012    18

Table 27: Pangang Group Steel Vanadium & Titanium: Product specifications    18

Table 28: China: New vanadium projects and capacity expansion    18

Table 29: China: Export taxes for vanadium products, 2012    18

Table 30: China: Trade in vanadium, 2000 to 2012    18

Table 31: Nikom: Production of ferrovanadium, 2000 to 2012    18

Table 32: Métaux Spéciaux: Specifications for vanadium catalysts    18

Table 33: GfE Metalle und Materialien: Vanadium product range    18

Table 34: India: Reserves of vanadium by state    18

Table 35: India: Production of ferrovanadium, 2003/4 to 2010/11    18

Table 36: Shinko Chemical: Vanadium product range    18

Table 37: Japan: Imports of vanadium products, 2006 to 2012    18

Table 38: Kazakhstan: Exports of vanadium pentoxide, 1998 to 2012    18

Table 39: Korvan: Specifications for ferrovanadium    18

Table 40: Woojin Industry Corporation: Specifications for ferrovanadium    18

Table 41: Green Giant Vanadium: Mineral Resource Estimate, 2011    18

Table 42: New Zealand: Exports of vanadium, 2006 to 2012    18

Table 43: Russia: Vanadium production, 2003 to 2012    18

Table 44: Russia: Deposits of vanadium, 2012    18

Table 45: Russia: Production of vanadium-bearing ores and concentrates by

    producer, 1998 to 2011    18

Table 46: Russia: Production of vanadium pentoxide by producer, 1998 to 2011    18

Table 47: Russia: Production of ferrovanadium by producer, 1998 to 2011    18

Table 48: Russia: Production of ferrovanadium by type, 1998 to 2011    18

Table 49: Russia: Specifications for ferrovanadium    18

Table 50: Evraz: Production of vanadium, 2008 to 2012    18

Table 51: Evraz: Worldwide vanadium interests, 2011    18

Table 52: NTMK: Production of vanadium slag, 2001 to 2011    18

Table 53: Vanady Tula: Exports of vanadium pentoxide by country of destination,

    2002 to 2011    18

Table 54: Vanady Tula: Exports of ferrovanadium by country of destination, 2002

    to 2011    18

Table 55: Chusovoy: Exports of ferrovanadium by country of destination, 2006

    to 2011    18

Table 56: JSC Uralredmet: Imports of vanadium pentoxide by country of origin,

    2002 to 2011    18

Table 57: South Africa: Vanadium production, 2006 to 2012    18

Table 58: Nitrovan product range    18

Table 59: South Africa: Highveld, production of vanadium products, 2010 to 2012    18

Table 60: Rhovan: Ba Magopa Mine, reserves of vanadium    18

Table 61: Ukraine: Imports of vanadium, 2002 to 2012    18

Table 62: Ukraine: Leading consumers of ferrovanadium, 2006 to 2011    18

Table 63: Ukraine: Mariupol production, 2006 to 2011    18

Table 64: USA: Vanadium production, 2006 to 2012    18

Table 65: USA: Vanadium trade statistics, 2006 to 2012    18

Table 66: USA: Producers of vanadium    18

Table 67: Evraz Stratcor: Vanadium product range, 2012    18

Table 68: USA: Imports of vanadium bearing ash and residues, 2006 to 2012    18

Table 69: World: Trade in vanadium oxides and hydroxides, 2006 to 2012    18

Table 70: World: Trade flow of vanadium oxide and hydroxide exports, 2012    18

Table 71: World: Trade flow of vanadium oxide and hydroxide exports, 2011     18

Table 72: World: Trade flow of vanadium oxide and hydroxide exports, 2010     18

Table 73: World: Trade flow of vanadium oxide and hydroxide imports, 2012     18

Table 74: World: Trade flow of vanadium oxide and hydroxide imports, 2011     18

Table 75: World: Trade flow of vanadium oxide and hydroxide imports, 2010     18

Table 76: World: Trade in ferrovanadium, 2006 to 2012    18

Table 77: World: Trade flow of ferrovanadium exports, 2012    18

Table 78: World: Trade flow of ferrovanadium exports, 2011     18

Table 79: World: Trade flow of ferrovanadium exports, 2010     18

Table 80: World: Trade flow of ferrovanadium imports, 2012    18

Table 81: World: Trade flow of ferrovanadium imports, 2011     18

Table 82: World: Trade flow of ferrovanadium imports, 2010     18

Table 83: World: Crude steel production, 2006 to 2012    18

Table 84: World: Vanadium consumption, 2006 to 2012     18

Table 85: World: Estimated intensity of vanadium use, 2006 to 2012    18

Table 86: Principal precipitation hardening mechanisms for steel    18

Table 87: Effects of niobium and vanadium additions on yield strength    18

Table 88: Principal alloy engineering steel producers, 2011    18

Table 89: Effects of alloying additions in HSLA steels    18

Table 90: Typical composition of dual-phase steel    18

Table 91: Alloying additions and properties of ASTM grades of HSLA steels    18

Table 92: World: Comparison of rebar grades    18

Table 93: China: Estimated alloy composition of rebar    18

Table 94: Composition of typical structural steels     18

Table 95: World: Pipeline construction by region, 2006 to 2012    18

Table 96: Applications for HSLA steels in automobiles    18

Table 97: Comparison of properties of high-strength and advanced high-strength

    steels used in automobiles    18

Table 98: USA: Consumption of vanadium in steel, 2006 to 2011    18

Table 99: Composition of selected full alloy steels containing vanadium     18

Table 100: World: Primary energy demand by fuel, 1980 to 2030    18

Table 101: World: Major inter-regional gas pipeline projects    18

Table 102: Composition of vanadium-aluminium master alloys produced by

      International Specialty Alloys    18

Table 103: Aerospace materials, yield strength    18

Table 104: Properties of TIMETAL vanadium-bearing titanium alloys produced by

      TIMET    18

Table 105: Properties of Allvac® vanadium-bearing titanium alloys produced by

      ATI Allvac    18

Table 106: Composition of magnetic alloys containing vanadium     18

Table 107: Comparison of engine weights    18

Table 108: World: Forecast deliveries of aero engines by producer, 2012 to 2035    18

Table 109: Shinko Chemicals: Applications for vanadium chemicals    18

Table 110: Stratcor: Applications for vanadium chemicals    18

Table 111: BASF: Applications for catalysts containing vanadium    18

Table 112: Japan: Consumption of vanadium in catalysts, 2002 to 2011    18

Table 113: Catalysts for EPDM production produced by Stratcor    18

Table 114: Properties of vanadium catalysts for flue gas purification    18

Table 115: Gas absorption processes for carbon dioxide removal    18

Table 116: Storage technologies: Advantages and disadvantages    18

Table 117: Battery density comparison    18

Table 118: Gildemeister Energy Solutions: CellCube technical data    18

Table 119: Prudent Energy: VRB-ESS® Data Sheet    18

Table 120: Prudent Energy: Sample MW-Class and kW-Class Prudent Energy

      VRB® System Deliveries, 2008 to 2012    18

Table 121: Rongeke Power: System Deliveries to 2012    18

Table 122: RedT: Product Range    18

Table 123: Bolloré Group: BLUECAR battery Data Sheet    18

Table 124: Lithium-ion battery characteristics with different cathodes    18

Table 125: Europe: V2O5 98%: Monthly average prices, 1997 to 2012    18

Table 126: V2O5 98%: USA free market prices, 1993 to 2012    18

Table 127: Ferrovanadium 70-80%: Europe: monthly average prices, major

      European destinations, 1997 to 2012    18

Table 128: USA: Ferrovanadium 70-80%, month end free market prices, Pittsburgh

      warehouse, 1997 to 2012    18

Table 129: Forecast European vanadium pentoxide prices, 2012 to 2017    18

Table 130: Potential upside and downside risks to price forecasts    18


List of Figures

Figure 1: World: Vanadium production by major producing country, 2006 to 2012    1

Figure 2: World: Vanadium production by type, 2006 to 2012    2

Figure 3: World: Estimated consumption of vanadium, 2002 to 2012    4

Figure 4: World: End-uses of vanadium, 2012    4

Figure 5: World: Global vanadium production and consumption, 2012 to 2017    6

Figure 6: World: Raw material sources for vanadium production, 2012    12

Figure 7: World: Production of vanadium by source, 2012    14

Figure 8: Process flow sheet for vanadium products    15

Figure 9: Pangang Group Steel Vanadium and Titanium: Vanadium slag production    18

Figure 10: South Africa: Vanadium pentoxide production from vanadiferous slag

     and ore    18

Figure 11: Production flow sheet for secondary production from spent catalysts    18

Figure 12: Flow sheet for vanadium recovery from secondary raw materials    18

Figure 13: Evraz: Cost structure of vanadium segment, H1 2011 and H1 2012    18

Figure 14: World: Estimated ferrovanadium unit cash cost curve, 2012    18

Figure 15: World: Vanadium production by major producing country, 2006 to 2012    18

Figure 16: World: Vanadium production by major producing country, 2012    18

Figure 17: World: Vanadium production by type, 2006 to 2012    18

Figure 18: World: Annual inventory change, 2004 to 2012    18

Figure 19: World: Vanadium production capacity, by region 2012    18

Figure 20: Canada: Imports of vanadium oxides, 2006 to 2012    18

Figure 21: China: Trends in production and consumption of vanadium, 2006 to 2012    18

Figure 22: China: Trends in production of vanadium, 2011    18

Figure 23: China: Net exports of vanadium pentoxide and ferrovanadium, 2000

     to 2012    18

Figure 24: China: Exports of vanadium pentoxide, 2000 to 2012    18

Figure 25: China: Exports of vanadium pentoxide, by district, 2011    18

Figure 26: China: Exports of ferrovanadium, 2000 to 2012    18

Figure 27: China: Exports of ferrovanadium containing >75% vanadium, by

     district, 2011    18

Figure 28: China: Exports of ferrovanadium containing <75% vanadium, by

     district, 2011    18

Figure 29: Czech Republic: Imports of vanadium pentoxide, 2000 to 2012    18

Figure 30: Japan: Imports of ferrovanadium by country of origin, 2000 to 2012    18

Figure 31: South Korea: Imports of vanadium pentoxide, 2000 to 2012    18

Figure 32: South Korea: Exports of ferrovanadium, 2000 to 2012    18

Figure 33: Western Russia: Location of vanadium production facilities    18

Figure 34: Vanady Tula: Production of vanadium pentoxide1 and ferrovanadium,

     2000 to 2011    18

Figure 35: Chusovoy: Production of ferrovanadium, 2000 to 2011    18

Figure 36: Russia: Exports of vanadium oxides, 2000 to 2012    18

Figure 37: South Africa: Mine production of vanadium, 2006 to 2011    18

Figure 38: Evraz Highveld Steel and Vanadium: Flow sheet for vanadium slag    18

Figure 39: Vanchem: Process flow sheet    18

Figure 40: South Africa: Exports of ferrovanadium, 2006 to 2012    18

Figure 41: South Africa: Exports of vanadium oxides, 2006 to 2012    18

Figure 42: South Africa: Exports of ferrovanadium, 2006 to 2012    18

Figure 43: South Africa: Exports of ferrovanadium vs. recorded imports, 2000

     to 2012    18

Figure 44: Japan: Imports of ferrovanadium, 2006 to 2012    18

Figure 45: World: Estimated consumption of vanadium, 2002 to 2012    18

Figure 46: World: End-use of vanadium, 2012    18

Figure 47: World: Correlation between crude steel production and vanadium

     consumption, 1998 to 2012    18

Figure 48: World: Vanadium consumption, 2006 to 2012    18

Figure 49: World: Crude steel production, 2006 to 2012    18

Figure 50: World: Vanadium consumption index¹, 2001 to 2012    18

Figure 51: Major producer and consumer countries, net export balance¹, 2006

     to 2012    18

Figure 52: China and ROW: Vanadium intensity of usage, 2002 to 2012    18

Figure 53: World: Vanadium intensity of usage, 2012    18

Figure 54: Ferrovanadium and ferroniobium prices, 2001 to 2012    18

Figure 55: Estimated vanadium consumption by steel type, 2012    18

Figure 56: China: Investments in infrastructure, 2004 to 2011    18

Figure 57: World: Pipeline construction by product, 2002 to 2012    18

Figure 58: World: Motor vehicle production by region, 2000 to 2012    18

Figure 59: USA: Growth in consumption of advanced high-strength steels in

     automobiles, 1995, 2005 and 2015    18

Figure 60: China and USA: Forecast growth in construction, 2012 to 2021    18

Figure 61: World: Forecast share of construction spending by region, 2015 and 2020    18

Figure 62: World: Forecast growth in crude steel production, 2012 to 2017    18

Figure 63: China: Intensity of vanadium use, 2002 to 2017    18

Figure 64: World: Deliveries of commercial jet aircraft, 2000 to 2035f    18

Figure 65: World: New aeroplane deliveries by size, 2012 to 2031    18

Figure 66: World: New aeroplane deliveries by geographical area, 2012 to 2031    18

Figure 67: World: Development of the aircraft fleet by area, 2011 and 2031    18

Figure 68: World: Current energy storage options    18

Figure 69: Vanadium redox battery diagram    18

Figure 70: Comparison of battery costs per cycle    18

Figure 71: Lithium metal polymer battery schematic    18

Figure 72: World: Global vanadium production and consumption, 2002 to 2012    18

Figure 73: World: Intensity of vanadium use, 2002 to 2017    18

Figure 74: World: Forecast consumption of vanadium by region, 2012 to 2017    18

Figure 75: World: Forecast production of vanadium by region, 2012 to 2017    18

Figure 76: World: Global vanadium production and consumption, 2012 to 2017    18

Figure 77: Europe: Pentoxide and ferrovanadium: monthly average spot prices,

     1997 to 2012    18

Figure 78: Europe: Pentoxide and ferrovanadium: monthly average spot prices,

     1997 to 2012    18

Figure 79: Vanadium pentoxide: Europe: monthly average price, 1997 to 2012    18

Figure 80: Ferrovanadium: Europe: monthly average prices, 1997 to 2012    18

Figure 81: Comparison of European and Chinese domestic1 quoted prices for

     V2O5, 2006 to 2012    18

Figure 82: Forecast vanadium pentoxide prices, 2002 to 2017    18

Vanadium: Global Industry Markets and Outlook (13th edition) is available at a discount price of  £3230 / US$5185 / €4080 until the 31st March from Roskill Information Services Ltd, 54 Russell Road, London SW19 1QL ENGLAND.

Tel: +44-20-8417-0087. Fax +44-20-8417-1308

Email: info@roskill.co.uk  


SOURCE Roskill Information Services



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