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Global Vanadium Consumption
Having falls by over 11000t between 2007 and 2009, global vanadium consumption increased sharply in 2010, reaching a record high of 61,000tV. The large fall in consumption in 2008 and 2009 was primarily due to the global recession, which saw demand for all commodities, particularly steel, the largest consuming end-use for vanadium contract sharply.
Approximately 90% of vanadium was consumed as ferro vanadium in tech production of steel. About 5% of vanadium consumption was used in the production of aluminum master alloys which were used in the production of titanium alloys.
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The intensity of use of vanadium in Chinese steel was much less than half the intensity of use in Europe and North American in 2010.
Vanadium is also used in other applications with its use in batteries gaining interest. At present, vanadium consumption in redox batteries is limited, as VRP’s are yet to gain wide-spread commercial application. However, the market for VRB’s is expected to grow strongly in the coming years.
The need to diversify the world’s energy consumption, to more renewable sources should see rising demand for VRB’s for energy storage. The latest forecast suggests that the use of renewable energies, particularly solar power will rise, as the world increases its diversification of power supply, and oil prices rise as new discoveries become limited and costly.
Production
World vanadium production in 2010 was estimated to have been 62,000tV contained in finished products.
In 2010, world production increased by 14%, having fallen by 10% in 2009 due to the global recession. Prior to the onset of the global recession, world vanadium output had increased strongly. For the period 2000 to 2007, global production had risen by an annual average rate of 4.8%.
vanadium production at the global level is dominated by a small number of producing countries. In 2010, three countries, China, South Africa and Russia accounted for almost 90% of total vanadium output, with China alone accounting for almost 50% of total output.
Market Outlook
At present, steel production is the largest end=use for vanadium. Consumption is estimated to be over 90% of total vanadium consumption, and as a result, steel production drives consumption of vanadium.
Given the close relationship between the vanadium and steel markets, the outlook for steel production has a large bearing on the outlook for the vanadium market. Steel output fell by 8% in 2009 due to the global recession, before increasing by 16% in 2010, as the recovery began. The most dominant aspect of the steel market is currently Chinese domestic production, which in 2010 accounted for 44% of total world production. Chinese output of crude steel production is forecast to rise by around 7% per year for the period 2010 to 2019, compared to total world growth of around 5.5% per year.
Apart from market deflects during the period 2003 to 2005, the vanadium market has on the whole been well supplied, and following the recession, a surplus was observed in 2010.
Overall, Roskill forecast world vanadium supply to grow at a slightly slower rate than demand. World demand in forecast to grow at an annual average rate of 6.1% for the period 2010 to 2019, compared to supply growth of 5.9% over the same period.
The outlook for vanadium prices is on the whole positive, with prices expected to follow an upward trend throughout the forecast period. In 2009 prices fell sharply, as the global recession saw demand for all commodities fall. Prices for both vanadium pentoxide and ferrovanadium fell by 50% in 2009, having almost doubled in 2008. In 2010, prices averaged US$6.87/lb for pentoxide and US$30/kg for ferrovanadium.
In 2012, the global vanadium market is estimated to have a surplus which will start to reduce in size over the next few years. Prices in 2014 are forecast to reach US$10/lb for pentoxide and US $45/kg for ferrovanadium, as the market prepares for a potential deflect in 2015. Although prices are forecast to increase rapidly, Roskill expects prices to remain below the record highs seen in 2005. In real US$2010 terms, vanadium prices throughout the forecast period are expected to remain below those seen in 2005. However, any issues which stop or delay vanadium reaching the market could see a deflect caused, causing prices to spike.
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Contents
Executive Summary
1. WORLD VANADIUM MARKET
1.1. Vanadium in Global Industry
1.1.1. World Resources
1.1.2. Substitutes
1.2. Vanadium Market Overview
1.2.1. World Industry Structure
1.2.2. Supply
1.2.3. Uses of vanadium
1.2.4. Vanadium Prices
2. NORTH AMERICAN MARKET OF VANADIUM
2.1. USA
2.2. Canada
3. EUROPEAN MARKET OF VANADIUM
3.1. CIS market of Vanadium
3.1.1. Russia
3.1.2. Kazakhstan
4. ASIAN AND MARKET OF VANADIUM
4.1. China
4.2. Japan
5. AFRICAN MARKET OF VANADIUM
5.1. South Africa
6. OCEANIAN MARKET OF VANADIUM
6.1. Australia
7. FUTURE OUTLOOK (2011-2016)
LIST OF TABLES
Table 1. World Vanadium Reserves, 2010 (metric tons of vanadium content).
Table 2. Vanadium: world mine production, 2004-2010 (Metric tons, vanadium content)
Table 3. Vanadium: world mine production, by country, 2009-2010 (Metric tons, vanadium content)
Table 4. Vanadium Price, year average, 2002-2010 (cents per pound, New York dealer price for 99.5% to 99.6% metal, cost, insurance, freight U.S. ports.)
Table 5. Production and consumption of vanadium in USA, 2004-2010 (Metric tons of vanadium content)
Table 6. Export and import of Vanadium ores and concentrates in USA, 2004-2009
Table 7. Structure of Vanadium ores and concentrates export by USA in 2008-2009
Table 8. Structure of Vanadium ores and concentrates import by USA in 2008-2009
Table 9. Export and import of Vanadium and articles thereof, including waste and scrap in USA, 2004-2009
Table 10. Structure of Vanadium and articles thereof, including waste and scrap export by USA in 2008-2009
Table 11. Structure of Vanadium and articles thereof, including waste and scrap import by USA in 2008-2009
Table 12. Vanadium: mine production in Canada, 2004-2010 (Metric tons, vanadium content)
Table 13. Export and import of Vanadium ores and concentrates in Canada, 2004-2009
Table 14. Structure of Vanadium ores and concentrates export by Canada in 2008-2009
Table 15. Structure of Vanadium ores and concentrates import by Canada in 2008-2009
Table 16. Export and import of Vanadium and articles thereof, including waste and scrap in Canada, 2004-2009
Table 17. Structure of Vanadium and articles thereof, including waste and scrap export by Canada in 2008-2009
Table 18. Structure of Vanadium and articles thereof, including waste and scrap import by Canada in 2008-2009
Table 19. Vanadium: mine production in Mexico, 2004-2010 (Metric tons, vanadium content)
Table 20. Export and import of Vanadium ores and concentrates in Mexico, 2004-2009
Table 21. Structure of Vanadium ores and concentrates export by Mexico in 2008-2009
Table 22. Structure of Vanadium ores and concentrates import by Mexico in 2008-2009
Table 23. Export and import of Vanadium and articles thereof, including waste and scrap in Mexico, 2004-2009
Table 24. Structure of Vanadium and articles thereof, including waste and scrap export by Mexico in 2008-2009
Table 25. Structure of Vanadium and articles thereof, including waste and scrap import by Mexico in 2008-2009
Table 26. Vanadium: mine production in Guatemala, 2004-2010 (Metric tons, vanadium content)
Table 27. Export and import of Vanadium ores and concentrates in Guatemala, 2004-2009
Table 28. Export and import of Vanadium and articles thereof, including waste and scrap in Guatemala, 2004-2009
Table 29. Structure of Vanadium and articles thereof, including waste and scrap export by Guatemala in 2009
Table 30. Structure of Vanadium and articles thereof, including waste and scrap import by Guatemala in 2008-2009
Table 31. Vanadium: mine production in Bolivia, 2004-2010 (Metric tons, vanadium content)
Table 32. Export and import of Vanadium ores and concentrates in Bolivia, 2004-2009
Table 33. Structure of Vanadium ores and concentrates export by Bolivia in 2008-2009
Table 34. Structure of Vanadium ores and concentrates import by Bolivia in 2008-2009
Table 35. Export and import of Vanadium and articles thereof, including waste and scrap in Bolivia, 2004-2009
Table 36. Structure of Vanadium ores and concentrates export by Bolivia in 2008-2009
Table 37. Structure of Vanadium and articles thereof, including waste and scrap import by Bolivia in 2008-2009
Table 38. Vanadium: mine production in European Union, 2004-2010 (Metric tons, vanadium content)
Table 39. Export and import of Vanadium ores and concentrates in United Kingdom, 2004-2009
Table 40. Structure of Vanadium ores and concentrates export by United Kingdom in 2008-2009
Table 41. Structure of Vanadium ores and concentrates import by United Kingdom in 2008-2009
Table 42. Export and import of Vanadium and articles thereof, including waste and scrap in United Kingdom, 2004-2009
Table 43. Structure of Vanadium ores and concentrates export by United Kingdom in 2008-2009
Table 44. Structure of Vanadium and articles thereof, including waste and scrap import by United Kingdom in 2008-2009
Table 45. Export and import of Vanadium ores and concentrates in Turkey, 2004-2009
Table 46. Structure of Vanadium ores and concentrates export by Turkey in 2008-2009
Table 47. Structure of Vanadium ores and concentrates import by Turkey in 2009
Table 48. Export and import of Vanadium and articles thereof, including waste and scrap in Turkey, 2004-2009
Table 49. Structure of Vanadium and articles thereof, including waste and scrap export by Turkey in 2008-2009
Table 50. Structure of Vanadium and articles thereof, including waste and scrap import by Turkey in 2008-2009
Table 51. Vanadium: mine production in China, 2004-2010 (Metric tons, vanadium content)
Table 52. Export and import of Vanadium ores and concentrates in China, 2004-2009
Table 53. Structure of Vanadium ores and concentrates export by China in 2009
Table 54. Structure of Vanadium ores and concentrates import by China in 2008-2009
Table 55. Export and import of Vanadium and articles thereof, including waste and scrap in China, 2004-2009
Table 56. Structure of Vanadium and articles thereof, including waste and scrap export by China in 2008-2009
Table 57. Structure of Vanadium and articles thereof, including waste and scrap import by China in 2008-2009
Table 58. Vanadium: mine production in Thailand, 2004-2010 (Metric tons, vanadium content)
Table 59. Export and import of Vanadium ores and concentrates in Thailand, 2004-2009
Table 60. Structure of Vanadium ores and concentrates export by Thailand in 2008-2009
Table 61. Structure of Vanadium ores and concentrates import by Thailand in 2008-2009
Table 62. Export and import of Vanadium and articles thereof, including waste and scrap in Thailand, 2004-2009
Table 63. Structure of Vanadium and articles thereof, including waste and scrap export by Thailand in 2008-2009
Table 64. Structure of Vanadium and articles thereof, including waste and scrap import by Thailand in 2008-2009
Table 65. Vanadium: mine production in South Africa, 2004-2010 (Metric tons, vanadium content)
Table 66. Export and import of Vanadium ores and concentrates in South Africa, 2004-2009
Table 67. Structure of Vanadium ores and concentrates export by South Africa in 2008-2009
Table 68. Structure of Vanadium ores and concentrates import by South Africa in 2008-2009
Table 69. Export and import of Vanadium and articles thereof, including waste and scrap in South Africa, 2004-2009
Table 70. Structure of Vanadium and articles thereof, including waste and scrap export by South Africa in 2008-2009
Table 71. Structure of Vanadium and articles thereof, including waste and scrap import by South Africa in 2008-2009
Table 72. Vanadium: mine production in Australia, 2004-2010 (Metric tons, vanadium content)
Table 73. Export and import of Vanadium ores and concentrates in Australia, 2004-2009
Table 74. Structure of Vanadium ores and concentrates export by Australia in 2008-2009
Table 75. Structure of Vanadium ores and concentrates import by Australia in 2009
Table 76. Export and import of Vanadium and articles thereof, including waste and scrap in Australia, 2004-2009
Table 77. Structure of Vanadium and articles thereof, including waste and scrap export by Australia in 2008-2009
Table 78. Structure of Vanadium and articles thereof, including waste and scrap import by Australia in 2008-2009
Table 79. Vanadium market forecasts (2011-2016)
LIST OF FIGURES
Figure 1. Vanadium output in 2005
Figure 2. Vanadium: world mine production trend, 2004-2010 (Metric tons, vanadium content)
Figure 3. Vanadium: world mine production structure, by country, 2010.
Figure 4. Vanadium price trend, year average, 2004-2010 (cents per pound, New York dealer price for 99.5% to 99.6% metal, cost, insurance, freight U.S. ports.)
Figure 5. USA: vanadium consumption trend, 2004-2010 (Metric tons of vanadium content).
Figure 6. Vanadium consumption structure in USA, 2010.
Figure 7. Vanadium price, average, 2008-2010 (cents per pound New York dealer price for 99.5% to 99.6% metal, c.i.f. U.S. ports)
Figure 8. Export and import dynamics of Vanadium ores and concentrates in USA in 2004-2009, tons
Figure 9. Trade balance of Vanadium ores and concentrates in USA in 2004-2009, tons
Figure 10. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in USA in 2004-2009, tons
Figure 11. Trade balance of Vanadium and articles thereof, including waste and scrap in USA in 2004-2009, tons
Figure 12. Vanadium: mine production trend in Canada, 2004-2010 (Metric tons, vanadium content)
Figure 13. Export and import dynamics of Vanadium ores and concentrates in Canada in 2004-2009, tons
Figure 14. Trade balance of Vanadium ores and concentrates in Canada in 2004-2009, tons
Figure 15. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Canada in 2004-2009, tons
Figure 16. Trade balance of Vanadium and articles thereof, including waste and scrap in Canada in 2004-2009, tons
Figure 17. Vanadium: mine production trend in Mexico, 2004-2010 (Metric tons, vanadium content)
Figure 18. Export and import dynamics of Vanadium ores and concentrates in Mexico in 2004-2009, tons
Figure 19. Trade balance of Vanadium ores and concentrates in Mexico in 2004-2009, tons
Figure 20. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Mexico in 2004-2009, tons
Figure 21. Trade balance of Vanadium and articles thereof, including waste and scrap in Mexico in 2004-2009, tons
Figure 22. Export and import dynamics of Vanadium ores and concentrates in Guatemala in 2004-2009, tons
Figure 23. Trade balance of Vanadium ores and concentrates in Guatemala in 2004-2009, tons
Figure 24. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Guatemala in 2004-2009, tons
Figure 25. Trade balance of Vanadium and articles thereof, including waste and scrap in Guatemala in 2004-2009, tons
Figure 26. Vanadium: mine production trend in Bolivia, 2004-2010 (Metric tons, vanadium content)
Figure 27. Export and import dynamics of Vanadium ores and concentrates in Bolivia in 2004-2009, tons
Figure 28. Trade balance of Vanadium ores and concentrates in Bolivia in 2004-2009, tons
Figure 29. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Bolivia in 2004-2009, tons
Figure 30. Trade balance of Vanadium and articles thereof, including waste and scrap in Bolivia in 2004-2009, tons
Figure 31. Export and import dynamics of Vanadium ores and concentrates in United Kingdom in 2004-2009, tons
Figure 32. Trade balance of Vanadium ores and concentrates in United Kingdom in 2004-2009, tons
Figure 33. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in United Kingdom in 2004-2009, tons
Figure 34. Trade balance of Vanadium and articles thereof, including waste and scrap in United Kingdom in 2004-2009, tons
Figure 35. Export and import dynamics of Vanadium ores and concentrates in Turkey in 2004-2009, tons
Figure 36. Trade balance of Vanadium ores and concentrates in Turkey in 2004-2009, tons
Figure 37. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Turkey in 2004-2009, tons
Figure 38. Trade balance of Vanadium and articles thereof, including waste and scrap in Turkey in 2004-2009, tons
Figure 39. Vanadium: mine production trend in China, 2004-2010 (Metric tons, vanadium content)
Figure 40. Export and import dynamics of Vanadium ores and concentrates in China in 2004-2009, tons
Figure 41. Trade balance of Vanadium ores and concentrates in China in 2004-2009, tons
Figure 42. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in China in 2004-2009, tons
Figure 43. Trade balance of Vanadium and articles thereof, including waste and scrap in China in 2004-2009, tons
Figure 44. Vanadium: mine production trend in Thailand, 2004-2010 (Metric tons, vanadium content)
Figure 45. Export and import dynamics of Vanadium ores and concentrates in Thailand in 2004-2009, tons
Figure 46. Trade balance of Vanadium ores and concentrates in Thailand in 2004-2009, tons
Figure 47. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Thailand in 2004-2009, tons
Figure 48. Trade balance of Vanadium and articles thereof, including waste and scrap in Thailand in 2004-2009, tons
Figure 49. Vanadium: mine production trend in South Africa, 2004-2010 (Metric tons, vanadium content)
Figure 50. Export and import dynamics of Vanadium ores and concentrates in South Africa in 2004-2009, tons
Figure 51. Trade balance of Vanadium ores and concentrates in South Africa in 2004-2009, tons
Figure 52. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in South Africa in 2004-2009, tons
Figure 53. Trade balance of Vanadium and articles thereof, including waste and scrap in South Africa in 2004-2009, tons
Figure 54. Vanadium: mine production trend in Australia, 2004-2010 (Metric tons, vanadium content)
Figure 55. Export and import dynamics of Vanadium ores and concentrates in Australia in 2004-2009, tons
Figure 56. Trade balance of Vanadium ores and concentrates in Australia in 2004-2009, tons
Figure 57. Export and import dynamics of Vanadium and articles thereof, including waste and scrap in Australia in 2004-2009, tons
Figure 58. Trade balance of Vanadium and articles thereof, including waste and scrap in Australia in 2004-2009, tons
Figure 59. Vanadium market growth trend till 2016 (metric tons vanadium content)
Figure 60. Vanadium price growth trend till 2016 (cents per pound)
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