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바나듐 : 2029년까지 전망(제18판)

Vanadium: Outlook to 2029, 18th Edition

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발행일 2020년 06월 상품 코드 930098
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바나듐 : 2029년까지 전망(제18판) Vanadium: Outlook to 2029, 18th Edition
발행일 : 2020년 06월 페이지 정보 : 영문

본 상품은 영문 자료로 한글과 영문목차에 불일치하는 내용이 있을 경우 영문을 우선합니다. 정확한 검토를 위해 영문목차를 참고해주시기 바랍니다.

오산화바나듐(V2O5) 가격은 2018년 11월에 1 파운드당 33.9 달러로 급등했지만, 새로운 철근 규격과 바나듐 레독스 배터리(VRB)로부터의 높은 기대가 실현되지 않으면서 가격은 2020년 1월에 1 파운드당 6달러로 돌아왔습니다.

세계의 바나듐(Vanadium) 시장에 대해 조사 분석했으며, 세계의 생산·소비 동향, 생산 비용, 국제 거래, 가격, 향후 전망 등에 대해 정리했습니다.

제1장 주요 요약

제2장 바나듐 플로차트

제3장 세계의 생산

제4장 세계의 소비

제5장 국제 거래

제6장 가격

제7장 전망

제8장 배경

제9장 국가 개요

제10장 최종사용

제11장 기업 개요

KSM 20.04.06

List of Tables

  • Table 1: Outlook for vanadium supply, demand, and FeV prices 2020-2029
  • Table 2: World: Production of vanadium feedstock, by country and company, 2011-2019
  • Table 3: World: Production of vanadium oxides, by country and company, 2011-2019
  • Table 4: World: Production of ferrovanadium, by country and company, 2011-2019
  • Table 5: World: Production of vanadium alloys, by country and company, 2011-2019
  • Table 6: World: Estimated consumption of vanadium, 2011-2019
  • Table 7: World: Estimated consumption of vanadium, 2011-2019
  • Table 8: Exports of ferrovanadium, 2011-2019
  • Table 9: Imports of ferrovanadium, 2011-2019
  • Table 10: Europe: V2O5 98%: Monthly average prices, 2014-2020
  • Table 11: Ferrovanadium 70-80%: Europe: monthly average prices, major European destinations, 2014-2020
  • Table 12: Outlook for consumption of vanadium by application, 2020-2029
  • Table 13: Outlook for consumption of vanadium by region, 2020-2029
  • Table 14: World: Production of iron ore, 2020-2029
  • Table 15: Roskill's new vanadium projects expected supply 2020-2029
  • Table 16: World: Selected vanadium projects
  • Table 17: Outlook for production of vanadium feedstock, 2020-2029
  • Table 18: Outlook for vanadium supply and demand, 2020-2029
  • Table 19: Scenarios for future prices of vanadium pentoxide, 2020-2029
  • Table 20: Scenarios for future prices of ferrovanadium, 2020-2029
  • Table 21: High-case outlook for vanadium demand, 2020-2029
  • Table 22: Low-case outlook for vanadium demand, 2020-2029
  • Table 23: Properties of vanadium
  • Table 24: Reserves of vanadium, 2019
  • Table 25: Vanadium feedstock production vs Human Freedom Index
  • Table 26: Vanadium feedstock production vs Transparency International's Corruption Perceptions Index
  • Table 27: Vanadium feedstock production vs World Bank's Ease of Doing Business Index
  • Table 28: Critical raw materials identified by key Government bodies
  • Table 29: Responsible sourcing initiatives and policies, 2019
  • Table 30: OECD Due Diligence Guidance for minerals - 5-Step Framework for Upstream and Downstream Supply Chains
  • Table 31: Argentina: List of mine projects, 2019
  • Table 32: Australia: Summary statistics, 2011-2019
  • Table 33: Australia: List of mine projects, 2019
  • Table 34: Austria: Summary statistics, 2011-2019
  • Table 35: Austria: Summary of operations, 2019
  • Table 36: Belgium: Summary statistics, 2011-2019
  • Table 37: Belgium: Summary of operations, 2019
  • Table 38: Botswana: List of mine projects, 2019
  • Table 39: Brazil: Summary statistics, 2011-2019
  • Table 40: Brazil: Summary of operations 2019,
  • Table 41: Brazil: List of mine projects, 2019
  • Table 42: Burkina Faso: List of mine projects, 2019
  • Table 43: Canada: Summary statistics, 2011-2019
  • Table 44: Canada: Summary of operations, 2019
  • Table 45: Canada: List of mine projects, 2019
  • Table 46: Chile: List of mine projects, 2019
  • Table 47: China: Summary statistics, 2011-2019
  • Table 48: China: Summary of top-five operations, 2019
  • Table 49: Colombia: List of mine projects, 2019
  • Table 50: Czech Republic: Summary statistics, 2011-2019
  • Table 51: Czech Republic: Summary of operations, 2019
  • Table 52: Finland: List of mine projects, 2019
  • Table 53: France: Summary statistics, 2011-2019
  • Table 54: France: Summary of operations, 2019
  • Table 55: Germany: Summary statistics, 2011-2019
  • Table 56: Germany: Summary of operations, 2019
  • Table 57: Greenland: List of mine projects, 2019
  • Table 58: India: Summary statistics, 2011-2019
  • Table 59: India: Summary of operations, 2019
  • Table 60: Japan: Summary statistics, 2011-2019
  • Table 61: Japan: Summary of operations, 2019
  • Table 62: Madagascar: List of mine projects, 2019
  • Table 63: Mauritania: List of mine projects, 2019
  • Table 64: Mozambique: List of mine projects, 2019
  • Table 65: Namibia: List of mine projects, 2019
  • Table 66: Netherlands: Summary statistics, 2011-2019
  • Table 67: Netherlands: Summary of operations, 2019
  • Table 68: New Zealand: Summary statistics, 2011-2019
  • Table 69: New Zealand: Summary of operations, 2019
  • Table 70: Papua New Guinea: List of mine projects, 2019
  • Table 71: Philippines: List of mine projects, 2019
  • Table 72: Russia: Summary statistics, 2011-2019
  • Table 73: Russia: Summary of operations, 2019
  • Table 74: Spain: Summary of operations, 2019
  • Table 75: South Africa: Summary statistics, 2011-2019
  • Table 76: South Africa: Summary of operations, 2019
  • Table 77: South Africa: List of mine projects, 2019
  • Table 78: South Korea: Summary statistics, 2011-2019
  • Table 79: South Korea: Summary of operations, 2019
  • Table 80: Sweden: List of mine projects, 2019
  • Table 81: Taiwan: Summary statistics, 2011-2019
  • Table 82: Taiwan: Summary of operations, 2019
  • Table 83: Tanzania: List of mine projects, 2019
  • Table 84: USA: Summary statistics, 2011-2019
  • Table 85: USA: Summary of operations, 2019
  • Table 86: USA: List of mine projects, 2019
  • Table 87: Vietnam: Summary statistics, 2011-2019
  • Table 88: Vietnam: Summary of operations, 2019
  • Table 89: Pangang: Summary
  • Table 90: Pangang: Vanadium subsidiaries and operations
  • Table 91: Pangang: Historical production, 2012-2019
  • Table 92: AMG Vanadium: Summary
  • Table 93: AMG: Historical production, 2012-2019
  • Table 94: Bushveld Minerals: Summary
  • Table 95: Vametco: Historical production, 2012-2019
  • Table 96: Chuanwei Special Steel: Summary
  • Table 97: Chuanwei Special Steel: Historical production, 2012-2019
  • Table 98: CITIC Jinzhou: Summary
  • Table 99: CITIC Jinzhou: Historical production, 2012-2019
  • Table 100: Desheng Group: Summary
  • Table 101: Desheng Group: Historical production, 2012-2019
  • Table 102: Essel Mining: Summary
  • Table 103: Essel Mining: Historical production, 2012-2019
  • Table 104: Evraz Group: Summary
  • Table 105: Evraz Group: Vanadium subsidiaries and operations
  • Table 106: Evraz production of vanadium by product and unit, including Roskill estimates, 2012-2019
  • Table 107: KGOK Reserves
  • Table 108: Glencore: Summary
  • Table 109: Rhovan: Resources and reserves
  • Table 110: Glencore: Historical production, 2012-2019
  • Table 111: GS EcoMetal: Summary
  • Table 112: GS EcoMetal: Historical production, 2012-2019
  • Table 113: Hong Jing: Summary
  • Table 114: Hong Jing: Historical production, 2012-2019
  • Table 115: Chengde: Summary
  • Table 116: HBIS (Chengde): Historical production, 2012 to 2019
  • Table 117: Jianlong Group: Summary
  • Table 118: Jianlong Group: Historical production, 2012-2019
  • Table 119: Largo Resources: Summary
  • Table 120: Maracás Menchen: Campbell Pit Reserves 2017
  • Table 121: Largo Resources: Historical production, 2012-2019
  • Table 122: Metal Technology: Summary
  • Table 123: Metal Technology: Historical production, 2012-2019
  • Table 124: New Zealand Steel: Summary
  • Table 125: New Zealand Steel: Historical production, 2012-2019
  • Table 126: Taiyo Koko: Summary
  • Table 127: Taiyo Koko: Historical production, 2012-2019
  • Table 128: Taenaka Kogyo: Summary
  • Table 129: Taenaka Kogyo: Historical production, 2012-2019
  • Table 130: Principal precipitation-hardening mechanisms for steel
  • Table 131: Effects of niobium and vanadium additions on yield strength
  • Table 132: Effects of alloying additions in HSLA steels
  • Table 133: Alloying additions and properties of ASTM grades of HSLA steels
  • Table 134: World: Comparison of rebar grades
  • Table 135: China: Estimated alloy composition of rebar
  • Table 136: Estimated HSLA rebar production, 2011-2019
  • Table 137: Composition of typical structural steels
  • Table 138: HSLA pipeline steel produced by US Steel
  • Table 139: Applications for HSLA steels in automobiles
  • Table 140: Comparison of properties of high-strength and advanced high-strength steels used in automobiles
  • Table 141: Composition of selected full alloy steels containing vanadium
  • Table 142: Composition of typical carbon steel
  • Table 143: Historical production of crude steel, 2009-2019
  • Table 144: Forecast production of crude steel, 2019-2029
  • Table 145: Stainless steel production forecast, 2019-2029
  • Table 146: Forecast for vanadium use in steel, 2019-2029
  • Table 147: Composition of vanadium-aluminium master alloys produced by International Specialty Alloys
  • Table 148: Properties of Allvac® vanadium-bearing titanium alloys produced by ATI Allvac
  • Table 149: Composition of magnetic alloys containing vanadium
  • Table 150: Forecast for vanadium use in non-ferrous alloys, 2020-2029
  • Table 151: Forecast use of vanadium in chemical applications, 2020-2029
  • Table 152: Selection of major announced and installed VRB projects
  • Table 153: Storage technologies ratings (0 = worst, 5 = best)
  • Table 154: Storage technologies: Advantages and disadvantages
  • Table 155: Deep V Recession Forecast GDP for top-30 economies and regions, 2019-2030 (PPP adjusted, Billion international dollars in 2020 terms)
  • Table 156: Prolonged Global Recession Forecast GDP for top-30 economies and regions, 2019-2030 (PPP adjusted, Billion international dollars in 2020 terms)
  • Table 157: Deep V Recession Forecast GDP growth rates for top-30 economies and regions, 2019-2030 (PPP adjusted, % annual real change)
  • Table 158: Prolonged Global Recession Forecast GDP growth rates for top-30 economies and regions, 2019-2030 (PPP adjusted, % annual real change)
  • Table 159: Deep V Recession Forecast GDP per capita for top-30 economies and regions, 2019-2030 (PPP adjusted, international dollars in 2020 terms)
  • Table 160: Prolonged Global Recession Forecast GDP per capita for top-30 economies and regions, 2019-2030 (PPP adjusted, international dollars in 2020 terms)
  • Table 161: Forecast population for top-30 economies and regions, 2019-2030 (millions)
  • Table 162: Forecast inflation for top-30 economies and regions, 2019-2030 (GDP deflator, percentage change yoy)
  • Table 163: Forecast exchange rates and energy prices, 2019-2030

List of Figures

  • Figure 1: Raw material sources for vanadium production, 2019
  • Figure 2: Production of vanadium feedstock, by region, 2011-2019
  • Figure 3: World: Estimated consumption of vanadium, 2011-2019
  • Figure 4: Vanadium market balance, 2011-2019
  • Figure 5: Europe: Monthly average spot prices, 2000-2020
  • Figure 6: Outlook for vanadium supply and demand, 2020-2029
  • Figure 7: Vanadium flowchart
  • Figure 8: Production of vanadium feedstock, by type, 2011-2019
  • Figure 9: Production of vanadium feedstock, by region, 2011-2019
  • Figure 10: China Top 5 slag producers and coalstone estimated capacity and 2019 production
  • Figure 11: Vanadium oxide production, by country 2019
  • Figure 12: Ferrovanadium production, by country, 2011-2019
  • Figure 13: Vanadium pentoxide cost curve, 2019
  • Figure 14: Vanadium pentoxide cost curve by process type, 2019
  • Figure 15: Ferrovanadium and vanadium nitride cost curve, 2019
  • Figure 16: Average production cost breakdown for vanadium products, 2019
  • Figure 17: Vanadium pentoxide price, Jan 2015-Jan 2020
  • Figure 18: Brent crude oil price, coal price and natural gas price, 2014-2019
  • Figure 19: Comparison of industrial electricity and natural gas costs within key vanadium producing countries and provinces in 2019, Global average=100
  • Figure 20: Comparison of labour costs within key vanadium producing countries and provinces within China in 2019, Global average=100
  • Figure 21: Trends in key reagent prices, Jan-15=100
  • Figure 22: Exchange rates of major vanadium producing countries, Jan-15=100
  • Figure 23: Estimated apparent and real consumption of vanadium oxides, 2011-2019
  • Figure 24: Estimated intensity of use of vanadium, 2019
  • Figure 25: Exports of vanadium oxides and hydroxides, 2011-2019
  • Figure 26: Exports of vanadium oxides and hydroxides, by origin and destination, 2019
  • Figure 27: Exports of oxides and hydroxides, 2011-2019
  • Figure 28: Imports of oxides and hydroxides, 2011-2019
  • Figure 29: Exports of ferrovanadium, 2011-2019
  • Figure 30: Exports of ferrovanadium, by origin and destination, 2019
  • Figure 31: Europe: Monthly average spot prices, 2000-2020
  • Figure 32: Europe: Ferrovanadium premium over vanadium pentoxide, 2011-2020
  • Figure 33: Comparison of European and Chinese prices for vanadium pentoxide, 2011-2020
  • Figure 34: Comparison of European and Chinese prices for ferrovanadium, 2011-2020
  • Figure 35: Comparison of ferrovanadium and ferroniobium prices, 2012-2020
  • Figure 36: Correlation between ferrovanadium and vanadium pentoxide prices, 2009-2020
  • Figure 37: Estimated scrap availability per type, 2019-2029
  • Figure 38: Chinese market for iron ore, 2012-2029
  • Figure 39: Outlook for vanadium supply and demand, 2011-2029
  • Figure 40: Comparison of FeNb (66% Nb) and FeV (78% V) prices, 2012-2020
  • Figure 41: Outlook for new battery energy storage installations, 2020-2029
  • Figure 42: Assumptions regarding division in use cases, 2020-2029
  • Figure 43: Assumptions regarding likely target market for VRBs 2020-2029
  • Figure 44: Historical and outlook for VRB installations and vanadium demand, 2010-2029
  • Figure 45: Raw material sources for vanadium production, 2019
  • Figure 46: Process flowsheet for vanadium products
  • Figure 47: Pangang: Process flowsheet for vanadiferous iron ore
  • Figure 48: South Africa: Vanadium pentoxide production from vanadiferous slag and ore
  • Figure 49: Production flowsheet for secondary production from spent catalysts
  • Figure 50: Flowsheet for vanadium recovery from secondary raw materials
  • Figure 51: UN Sustainable Development Goals
  • Figure 52: Roskill's ESG framework
  • Figure 53: Emissions produced during ferrovanadium production
  • Figure 54: Criticality matrix
  • Figure 55: European CRM list 2017
  • Figure 56: China: Rebar production (kt) and vanadium consumption in rebar, 2011-2019
  • Figure 57: China: Rebar production (kt) and vanadium consumption in rebar, 2011-2029
  • Figure 58: China FeNb imports (gross weight Mt) vs FeV price (China 50%), Jan 2017-Mar 2020
  • Figure 59: FeV price (China 50%) US$/kg V vs FeNb price (China 60%), Jan 2017-Mar 2020
  • Figure 60: Global crude steel production, 2009-2019
  • Figure 61: Intensity of use of steel, 2011-2019
  • Figure 62: Historical and Forecast for rebar production, 2011-2029
  • Figure 63: Stainless steel apparent consumption forecast, 2019-2029 (kt)
  • Figure 64: World vanadium steel intensity, 2011-2029
  • Figure 65: Projected jet airplane deliveries, 2019-2029
  • Figure 66: Forecast deliveries of jet engines, by supplier 2019-2029
  • Figure 67: Principle of peak-load shifting
  • Figure 68: Use cases of VRB projects
  • Figure 69: Overview of energy storage technologies
  • Figure 70: Diagram of the Tennessee Valley Authority pumped storage facility
  • Figure 71: Schematic representation of sodium-sulphur battery
  • Figure 72: Diagram of the circulation of electrolyte between vanadium redox battery system
  • Figure 73: Installations of grid-connected energy systems by type, 2000-2019
  • Figure 74: Maturity curve for energy storage technologies
  • Figure 75: Power ratings and applications by technology
  • Figure 76: Comparison of volumetric and gravimetric energy densities by technology
  • Figure 77: Comparison of volumetric and gravimetric power densities by technology
  • Figure 78: Comparison of power and energy densities by technology
  • Figure 79: Comparison of energy storage technology efficiency
  • Figure 80: Comparison of lifetimes and cycle life
  • Figure 81: Breakdown of VRB costs by component at 2010-2019 vanadium prices
  • Figure 82: Cost composition of VRB systems, by duration, 2010-2019 average vanadium prices
  • Figure 83: Modelled costs of a 4-hour VRB, adjusted for vanadium prices, 2010-2019
  • Figure 84: NPV of electrolyte residual value, by discount rate
  • Figure 85: Modelled impact of residual value on net acquisition cost, 2010-2019
  • Figure 86: VRB cell cost, by duration, against other technologies, 2019
  • Figure 87: Estimated breakdown of flow battery full system costs (incl. installation, assuming 2010-2019 average vanadium prices)
  • Figure 88: Estimates of full-system cost, incl. installation, by technology, 2019
  • Figure 89: Breakdown of levelised cost of storage for 4-hour VRB (assuming average 2010-2019 vanadium prices)
  • Figure 90: 20-year levelised cost of storage, 2019
  • Figure 91: Total installed grid energy storage, 1965-2019
  • Figure 92: Total installed grid energy storage of battery systems, 2000-2019
  • Figure 93: New grid storage installations by technology, 1965-2019
  • Figure 94: New grid storage installations by of energy systems, 2000-2019

It has been a roller-coaster ride for the vanadium market over 2018 and 2019. Vanadium pentoxide (V2O5) prices spiked to US$33.9/lb in November 2018, yet high expectations from new rebar standards and vanadium redox batteries (VRBs) failed to materialise and prices fell back to US$6/lb in January 2020, erasing two years of gains.

The implementation of the new rebar standard, which implies a higher micro-alloying content, in China has been erratic with no systematic enforcement. In addition, forecast demand was impacted by a higher than expected substitution away from ferrovanadium to ferroniobium, triggered by a widening price differential. Although ferrovanadium and ferroniobium are back to price parity and certain benefits pertain to the use of vanadium, Roskill believes that a full reversal is unlikely. Once mills are accustomed to niobium and have made the technical changes, they are unlikely to fully switch back, and Roskill estimates a portion of the micro-alloying demand from rebar has been captured by ferroniobium.

Despite the substitution, vanadium demand growth in 2019 remained strong, driven primarily by a large increase in China's steel production. Demand growth was matched by a rising supply from both slag and coalstone producers, keeping the market sufficiently supplied. The market looks to have returned into balance in 2020, although the coronavirus (Covid-19) is expected to impact the supply chain and broader global economy.

The medium-term outlook for vanadium will be shaped by several factors affecting both demand and supply. After two decades of a rising steel production, a maturing Chinese economy will translate into a flattening steel production which will gradually slow demand for vanadium. Roskill's view is that China's crude steel production is approaching its peak in the mid-2020s. The development of VRB technology appears to be a longer-term possibility to offer a new major source of demand, although Roskill expects this to be limited in scale over the 2020s.

Feedstock supply from China is forecast to show a limited increase as slag producers are getting closer to full capacity while coalstone production remains dependant on technical, environmental and economic factors. Yet, vanadium supply may face a structural change following the new IMO regulations in place since January 2020, which cut sulphur content in bunker fuels. The regulation will translate into an increasing amount of spent catalysts produced by refineries, which will have to be either recycled or disposed. Given a less sustainable outlook for the latter, the share of vanadium produced from this secondary source is set to increase significantly in coming years and production costs are likely to decrease with more oil residues becoming available. The ramp of secondary vanadium supply will be the main source of competition for other new vanadium projects looking to bring product to market.

The developments in supply and demand outlined above have and will continue to reshape the vanadium market over the next decade. Excluding any significant demand increase from VRBs, Roskill forecasts that the current trajectory in the market will see a significant ramp up in surplus supply by the middle of the 2020s.

Roskill's ‘Vanadium: Outlook to 2029, 18th Edition report’ analyses the causes, consequences and magnitude of the incoming changes in terms of supply, demand and future pricing structure. Roskill's 10-year outlook also assesses whether existing producers can increase output, the viability of new projects under development entering production, and the likelihood of projects on care and maintenance to restart. With thorough coverage of historical trends and detailed ten-year forecasts, Roskill's report is the most comprehensive vanadium report on the market. It provides a full analysis of supply, demand, trade, and prices, complete with trends and risks geared specifically to the needs of industry participants, traders and investors.

Roskill experts will answer your questions:

  • Who are the major producers of vanadium and how is China's vanadium production evolving?
  • How will the new IMO 2020 regulations impact vanadium supply through spent catalysts recycling?
  • How is vanadium demand impacted by regulation and China's peaking steel production and what is the outlook for vanadium redox batteries?
  • How ferroniobium acts as a substitute to ferrovanadium and what are the limits of this substitution?
  • What is the outlook for vanadium prices in the short and in the longer term and what are the upside and downside risks?

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Table of Contents

1. Executive summary

  • 1.1. Vanadium market overview
  • 1.2. Vanadium production
  • 1.3. Vanadium consumption
  • 1.4. Vanadium market balance
  • 1.5. Vanadium prices
  • 1.6. Vanadium outlook

2. Vanadium flowchart

3. World production

  • 3.1. Production of vanadium feedstock
  • 3.2. Production of vanadium oxides
  • 3.3. Production of ferrovanadium
  • 3.4. Production of vanadium alloys

4. Production costs

  • 4.1. Cost of production of vanadium pentoxide
  • 4.2. Cost of production of ferrovanadium and vanadium nitride
  • 4.3. Trends in production costs
    • 4.3.1. Feedstock
    • 4.3.2. Power, utilities and fuel costs
    • 4.3.3. Labour costs
    • 4.3.4. Reagent costs
    • 4.3.5. Exchange rates

5. World consumption

  • 5.1. Vanadium consumption by application
  • 5.2. Vanadium consumption by region
  • 5.3. Apparent consumption by region
  • 5.4. Intensity of use

6. International trade

  • 6.1. Trade in vanadium ash and residues
  • 6.2. Trade in vanadium slag
  • 6.3. Trade in vanadium oxides
  • 6.4. Trade in ferrovanadium
  • 6.5. Anti-dumping duties
  • 6.6. Quotas

7. Prices

  • 7.1. Historical price trends for vanadium
    • 7.1.1. Vanadium Pentoxide
    • 7.1.2. Ferrovanadium
  • 7.2. Main factors underpinning recent prices
  • 7.3. Correlation analysis

8. Outlook

  • 8.1. Base case outlook for vanadium demand
    • 8.1.1. Outlook for demand by region
  • 8.2. Base case outlook for vanadium supply
    • 8.2.1. Slag and coalstone supply
      • 8.2.1.1. Steel market dynamics
      • 8.2.1.2. Iron ore outlook
    • 8.2.2. Ramp-ups, expansions, and capacity utilisation at existing operations
    • 8.2.3. Availability of secondary supply
    • 8.2.4. Restarts at closed and suspended operations
    • 8.2.5. Chinese ban on slag imports
    • 8.2.6. Project pipeline
    • 8.2.7. Outlook for vanadium feedstock supply
  • 8.3. Base case outlook for supply-demand balance
  • 8.4. Outlook for vanadium prices
    • 8.4.1. Base-case outlook for vanadium prices
      • 8.4.1.1. Forecasting based on niobium prices
      • 8.4.1.2. Incentive prices for new supply
      • 8.4.1.3. Outlook for vanadium pentoxide prices
      • 8.4.1.4. Outlook for ferrovanadium prices
    • 8.4.2. High-case outlook
    • 8.4.3. Low-case outlook
  • 8.5. Scenario outlook for vanadium demand in batteries

9. Background

  • 9.1. Properties and occurrence of vanadium
  • 9.2. Chemical and physical properties of vanadium
  • 9.3. Occurrence of vanadium
  • 9.4. Commercial sources of vanadium
  • 9.5. Vanadium reserves
  • 9.6. Mining and processing of vanadium
  • 9.7. Production of vanadium raw materials
    • 9.7.1. Primary mineral concentrates
    • 9.7.2. Co-product slags
    • 9.7.3. Secondary residues and spent catalysts
    • 9.7.4. Other sources
  • 9.8. Processing of vanadium raw materials into vanadium
  • 9.9. Conversion into ferroalloy products
  • 9.10. Conversion into other alloys and vanadium metal
  • 9.11. Recovery rates

10. Sustainability

  • 10.1. Environmental, Social and Governance (ESG)
    • 10.1.1. Environmental
      • 10.1.1.1. Emissions
      • 10.1.1.2. IMO regulation
      • 10.1.1.3. Sustainable solutions
      • 10.1.1.4. Biodiversity and land use
    • 10.1.2. Social
      • 10.1.2.1. Artisanal and small-scale mining (ASM)
      • 10.1.2.2. Human rights
    • 10.1.3. Governance
      • 10.1.3.1. Corruption
      • 10.1.3.2. Ease of Doing Business (EoDB)
  • 10.2. Critical raw materials
  • 10.3. Responsible sourcing initiatives
    • 10.3.1. Organisation for Economic Cooperation and Development (OECD)
    • 10.3.2. Global Reporting Initiative
    • 10.3.3. Responsible Mining Index
    • 10.3.4. Initiative for Responsible Mining Assurance

11. Country profiles

  • 11.1. Argentina
  • 11.2. Australia
  • 11.3. Austria
  • 11.4. Belgium
  • 11.5. Botswana
  • 11.6. Brazil
  • 11.7. Burkina Faso
  • 11.8. Canada
  • 11.9. Chile
  • 11.10. China
  • 11.11. Colombia
  • 11.12. Czech Republic
  • 11.13. Finland
  • 11.14. France
  • 11.15. Germany
  • 11.16. Greenland
  • 11.17. India
  • 11.18. Japan
  • 11.19. Kazakhstan
  • 11.20. Madagascar
  • 11.21. Mauritania
  • 11.22. Mexico
  • 11.23. Mozambique
  • 11.24. Namibia
  • 11.25. Netherlands
  • 11.26. New Zealand
  • 11.27. Papua New Guinea
  • 11.28. Philippines
  • 11.29. Russia
  • 11.30. Saudi Arabia
  • 11.31. Spain
  • 11.32. South Africa
  • 11.33. South Korea
  • 11.34. Swaziland
  • 11.35. Sweden
  • 11.36. Taiwan
  • 11.37. Tajikistan
  • 11.38. Tanzania
  • 11.39. Ukraine
  • 11.40. USA
  • 11.41. Venezuela
  • 11.42. Vietnam

12. Company profile

  • 12.1. Ansteel Group Vanadium Industry (Pangang)
  • 12.2. AMG Advanced Metallurgical Group
    • 12.2.1. AMG Vanadium
    • 12.2.1. AMG TAC (GfE)
  • 12.3. Bushveld Minerals
  • 12.4. Chuanwei Special Steel (Tranvic)
  • 12.5. CITIC Jinzhou Metal
  • 12.6. Desheng Group
  • 12.7. Essel Mining
  • 12.8. Evraz Group
    • 12.8.1. Kachkanarsky Ore Mining and Processing Enterprise (KGOK) (Russia)
    • 12.8.2. NTMK (Russia)
    • 12.8.3. Vanady Tula (Russia)
    • 12.8.4. Stratcor (USA)
    • 12.8.5. Evraz Nikom (Czech Republic)
  • 12.9. Glencore
  • 12.10. GS EcoMetal
  • 12.11. Hong Jing Environment Group
  • 12.12. HBIS Group Chengde Vanadium Branch Company (Chengde)
  • 12.13. Jianlong Group
  • 12.14. Largo Resources
  • 12.15. Metal Technology
  • 12.16. New Zealand Steel
  • 12.17. Taiyo Koko
  • 12.18. Taenaka Kogyo

13. First-use consumption

  • 13.1. Use of vanadium in steel
    • 13.1.1. Strengthening processes
      • 13.1.1.1. Grain refining
      • 13.1.1.2. Precipitation hardening
    • 13.1.2. HSLA steels
      • 13.1.2.1. Properties and production
      • 13.1.2.2. HSLA in structural long steel products (reinforcing bars)
      • 13.1.2.3. HSLA in other structural applications
      • 13.1.2.4. HSLA in pipeline steels
      • 13.1.2.5. HSLA in transport steels
      • 13.1.2.6. HSLA in other steels
      • 13.1.2.7. Substitution of vanadium in HSLA steels
    • 13.1.3. Full alloy steels
      • 13.1.3.1. Types of full alloy steels
      • 13.1.3.2. Markets for full alloy steels
    • 13.1.4. Carbon steel
      • 13.1.4.1. Markets for carbon steel
      • 13.1.4.2. Markets for crude steel
      • 13.1.4.3. China: ongoing restructuring
      • 13.1.4.4. Asia: Korea plateauing, India and Vietnam rising
      • 13.1.4.5. Developed economies: flat production
    • 13.1.5. Crude steel outlook
      • 13.1.5.1. Impact of COVID-19
      • 13.1.5.2. China: Reaching a peak
      • 13.1.5.3. Limited future growth poles
      • 13.1.5.4. Outlook for HSLA steel (rebar)
      • 13.1.5.5. Outlook for pipeline steels
      • 13.1.5.6. Outlook for stainless steels
      • 13.1.5.7. Outlook for vanadium consumption in steel
  • 13.2. Use of vanadium in non-ferrous alloys
    • 13.2.1. Titanium alloys
    • 13.2.2. High-performance alloys
    • 13.2.3. Magnetic alloys
    • 13.2.4. Other non-ferrous alloys
    • 13.2.5. Outlook for vanadium use in non-ferrous alloys
  • 13.3. Use of vanadium in chemical applications
    • 13.3.1. Use of vanadium in catalysts
    • 13.3.2. Use of vanadium in other chemical applications
    • 13.3.3. Outlook for vanadium use in chemical applications
  • 13.4. Vanadium redox batteries
    • 13.4.1. Applications for energy storage systems
      • 13.4.1.1. Peak shifting and load levelling
      • 13.4.1.2. Grid management
      • 13.4.1.3. Ancillary services
      • 13.4.1.4. Reserve power
      • 13.4.1.5. Applications of VRB systems
    • 13.4.2. Competing energy storage technologies
      • 13.4.2.1. Pumped hydro
      • 13.4.2.2. Flywheels
      • 13.4.2.3. Compressed air (CAES)
      • 13.4.2.4. Liquid air
      • 13.4.2.5. Molten salt batteries
      • 13.4.2.6. Chilled water and ice thermal batteries
      • 13.4.2.7. Batteries
      • 13.4.2.8. Flow batteries
      • 13.4.2.9. Hydrogen storage
      • 13.4.2.10. Synthetic natural gas
      • 13.4.2.11. Supercapacitors
      • 13.4.2.12. Superconducting magnets
    • 13.4.3. Flow battery technology
      • 13.4.3.1. Vanadium redox batteries
      • 13.4.3.2. Polysulphide bromide battery
      • 13.4.3.3. Zinc-bromine
      • 13.4.3.4. Zinc-iron
      • 13.4.3.5. Others
    • 13.4.4. Advantages and disadvantages of VRBs
      • 13.4.4.1. Maturity
      • 13.4.4.2. Power rating and discharge time
      • 13.4.4.3. Power and energy density
      • 13.4.4.4. Efficiency range
      • 13.4.4.5. Self-discharge rates
      • 13.4.4.6. Lifetime
      • 13.4.4.7. Ecological impact
      • 13.4.4.8. Other considerations
      • 13.4.4.9. Summary
    • 13.4.5. Cost and economics of VRBs
      • 13.4.5.1. Impact of system duration
      • 13.4.5.2. Impact of changes in vanadium prices
      • 13.4.5.3. Residual value and leasing options
    • 13.4.6. Cost comparison of energy storage technologies
      • 13.4.6.1. Comparison of cell costs
      • 13.4.6.2. Comparison of full system costs
      • 13.4.6.3. Comparison of levelised costs of storage
    • 13.4.7. Trends in energy storage technologies

14. Macro economic outlook

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