Vanadium Market
Regions Covered
China
Regions Covered
China
Vanadium is a soft, silver-gray metallic element which can be either derived from mined vanadiferous titanomagnetite (VTM) or produced as by-product of vanadium-bearing pig iron slag and petroleum residues and spent catalysts. Around 92% of vanadium produced in the world is alloyed with iron to produce ferrovanadium, an additive to improve steels. Other major vanadium commodities are vanadium pentoxide, vanadium oxides and hydroxides, and vanadium nitride and aluminum-vanadium master alloys.
The global vanadium consumption was 86700 tonnes for the year 2017. Nearly 85% of the world’s vanadium is produced by three countries – China, Russia and South Africa. The global vanadium market has turned into supply deficit market in 2015 and expected to reach about 11 kt of supply deficit level by 2025. China is the largest producer as well as consumer of vanadium in the world. About 47% of vanadium in the world was consumed in China in 2015 while about 53% of vanadium is produced in China for the same year. The Chinese Ministry of Environmental Protection has announced that four types of metal slag containing vanadium will be forbidden for import into China.
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