Vanadium: Global Industry Markets and Outlook (13th Edition)
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 Maracas 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 (Maracas) 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 Dore) 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 Pa ifico (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 Nickelhuette 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 Petroleos 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: Maracas: 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: Metaux Speciaux: 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(R) 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(R) Data Sheet 18
Table 120: Prudent Energy: Sample MW-Class and kW-Class Prudent Energy
VRB(R) System Deliveries, 2008 to 2012 18
Table 121: Rongeke Power: System Deliveries to 2012 18
Table 122: RedT: Product Range 18
Table 123: Bollore 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 index(1), 2001 to 2012 18
Figure 51: Major producer and consumer countries, net export balance(1), 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 GBP3230 / US$5185 / EUR4080 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
