Roskill Information Services: Higher Construction Standards Will Lead to Further Growth in Demand for Vanadium
LONDON, August 12, 2010 /PRNewswire/ --
- Vanadium: Global Industry Markets & Outlook (12th Edition, 2010)
- Prices for Ferrovanadium Likely to Exceed US$50 Before 2015, But Will
not Return to Highs Experienced in 2005
Vanadium prices have shown a high degree of volatility over the last 20 years. However, in the economic downturn in 2009, the price did not fall to the lows experienced between 1998 and 2003. In a prompt response to economic conditions, many producers cut output and limited the fall in price. The recovery in prices for ferrovanadium stalled in mid 2010, but in the longer term prices for ferrovanadium are forecast to rise to above US$50/kg.
Increasing role of China - both in supply and demand
Over the last decade, China has become both the main producer and consumer of vanadium. In terms of supply, it now accounts for almost 50% of the global total and planned expansion over the next two years will consolidate this position. Chinese demand for vanadium grew at 13%pa between 2003 and 2009 in line with its burgeoning steel output. Countries with mature economies have a much higher intensity of use of vanadium in steels than industrialising countries; in 2008, intensity of use in the USA was more than three times as great as that in China. Over the next decade one of the main drivers for growth in vanadium demand will be a combination of strong growth in steel output in BRIC countries and an increasing emphasis in these countries on production of high strength low alloy steels with their higher vanadium content. Both China and Japan are raising standards for the strength of rebar steel, which will provide a further driver for growth in demand.
Potential for further growth in production capacity
World production of vanadium grew by more than 7%pa from 2003 to 2008. Initially, production increases were met by taking up spare capacity at existing operations but from 2006, capacity had to be increased to meet demand. Most of this expansion, however, was also at existing mines and plants, most notably in China. In the next few years additional supply will come from further expansion in China, but also from re-opening the mine and plant at Windimurra, a new mine and plant in Brazil, further expansion of slag output in Sichuan as well as an increase in by-product output from uranium processing in the USA and South Africa.
About 80% of vanadium is derived from mined ore, either directly as mineral concentrates derived from vanadiferous titanomagnetite (VTM) or indirectly from steelmaking slags, where the steel has been produced from VTM. The difficulties associated with processing VTM for steelmaking has effectively limited its use to the existing few steel plants in China, South Africa and Russia. All of the new sources of vanadium (as opposed to expansion at existing operations) are expected to come from direct exploitation of mineral concentrate or from secondary sources.
Over 90% of vanadium used in steel
Vanadium is added to steel, principally high strength, low alloy steels in the form of ferrovanadium or vanadium-nitrogen proprietary alloys to increase strength. At times of high vanadium prices or perceived tightness of supply, vanadium is susceptible to some degree of substitution by niobium. The use of niobium in flat products is now well established but vanadium is the alloy addition of choice for rebar. Demand for high-strength steels in construction is growing in line with an increased emphasis on life-cycle costs in the construction industry and a growing awareness, in those countries prone to earthquakes, that higher construction standards are required to prevent mass destruction of buildings, such as occurred in Sichuan province in 2008.
Vanadium is also used in the masteralloys added to titanium, a sector largely driven by the demand for titanium alloys in commercial, business and military aircraft. In the short-term, the main area of growth for vanadium in chemical applications is in catalysts for desulphurisation, sulphuric acid and maleic anhydride production. In the longer-term, vanadium consumption could be stimulated by the further commercialisation of vanadium redox flow batteries.
Vanadium: Global industry markets & outlook (12th edition, 2010) is available at GBP2500 / US$5000 / EUR4000 from Roskill Information Services Ltd, 27a Leopold Road, London SW19 7BB, England. Tel: +44(0)20-8944-0066. Fax +44(0)20-8947-9568 Email: [email protected]
Note to editors
The report contains 203 pages, 104 tables and 56 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.
Table of Contents
Page
1 Summary 1
2 Introduction to vanadium 7
2.1 Chemical and physical properties of vanadium 8
3 Vanadium sources and resources 10
3.1 Occurrence 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 19
4.1.1 Primary - mineral concentrates 19
4.1.2 Co-product - slags 20
4.1.3 Secondary - residues and spent catalysts 22
4.1.4 Other sources 22
4.2 Processing of vanadium raw materials into vanadium 22
4.3 Conversion into ferroalloy products 28
4.4 Production costs for vanadium 29
5 World production of vanadium 34
5.1 Production capacity 37
5.2 The increasing role of China and Russia in vanadium supply 38
5.3 New production and expansions in production 40
6 World consumption of vanadium 42
6.1 Substitution 44
6.2 Consumption of vanadium by region 45
7 Outlook for vanadium supply and demand to 2015 48
7.1 Vanadium demand outlook 49
7.2 Vanadium supply outlook 50
7.3 Forecast supply and demand balance 51
8 Historical and forecast price trends for vanadium 53
8.1 How vanadium is priced 53
8.2 Historical price trends for vanadium 55
8.3 Outlook for vanadium prices 65
9 Review of vanadium resources and production by country 67
9.1 Australia 67
9.1.1 Potential producers of vanadium in Australia 67
9.1.1.1 Balla Balla (Aurox Resources) 67
9.1.1.2 Barrambie (Reed Resources) 68
9.1.1.3 Gabinintha (Yellow Rock Resources) 69
9.1.1.4 Windimurra (Windimurra Vanadium) 69
9.1.1.5 Other 70
9.2 Austria 71
9.2.1 Treibacher Industrie 71
9.2.2 Hochvanadium Holding 72
9.3 Belgium 72
9.4 Brazil 73
9.4.1 Potential production 73
9.4.1.1 Maracas (Largo Resources) 73
9.5 Burundi 73
9.6 Canada 73
9.6.1 Gulf Chemical and Metallurgical 74
9.6.2 Metallurg Vanadium 74
9.6.3 Masterloy Products 74
9.6.4 Potential producers of vanadium in Canada 74
9.6.4.1 Apella Resources Inc. 74
9.6.4.2 Gossan Resources 75
9.6.4.3 Argex Silver Capital Inc 75
9.6.4.4 Norant Resources 75
9.7 Chile 76
9.7.1 El Romeral 76
9.7.2 Ironsands 76
9.8 China 76
9.8.1 Vanadium resources in China 78
9.8.2 Producers of vanadium in China 79
9.8.3 Profiles of leading Chinese producers of vanadium products 80
9.8.3.1 Beihai Special Ferroalloy Group 81
9.8.3.2 Caixin Ferroalloy Plant 81
9.8.3.3 Chengde Xin Xin Vanadium and Titanium Co 81
9.8.3.4 Chongyang Vanadium Iron Plant 83
9.8.3.5 Chuantou Emei Ferroalloy Plant 83
9.8.3.6 Dalian Galaxy Metal Material Co 83
9.8.3.7 Dekun Vanadium Plant 83
9.8.3.8 Dunhuang Jindi Vanadium Co 83
9.8.3.9 Fuzhou Fuyuan Nonferrous Metal Products Co 84
9.8.3.10 Gansu Winshine Vanadium 84
9.8.3.11 Hangten 84
9.8.3.12 Hengyang Chenhui Chemical Co 84
9.8.3.13 Hongda Vanadium Co 84
9.8.3.14 Huiyou Vanadium 84
9.8.3.15 Huludao Hong Jing Environment Co 85
9.8.3.16 Jinzhou Kohsei Daye "Everbright" Ferroalloy 85
9.8.3.17 CITIC Jinzhou Ferroalloy 85
9.8.3.18 Liaoning Chenguang Ferroalloy 85
9.8.3.19 Liyuan Vanadium Plant 85
9.8.3.20 Miyi Xingchen Vanadium and Titanium Alloys Co 86
9.8.3.21 M.S. Resources 86
9.8.3.22 Nanyang Mengling Vanadium Processing Plant 86
9.8.3.23 Panzhihua 86
9.8.3.24 Panzhihua Jinjiang Metallurgical Chemical Plant 89
9.8.3.25 Panzhihua Hongsha Vanadium 89
9.8.3.26 SF Vanadium 89
9.8.3.27 Shaanxi Wuzhou Mining Co 90
9.8.3.28 Shanghai Jiuling Smelting Co 90
9.8.3.29 Shengchuan Vanadium 90
9.8.3.30 Shuangfeng Vanadium Company 90
9.8.3.31 Sichuan Guanghan Jin Mu Vanadium 90
9.8.3.32 Sichuan Zhuoye Vanadium 90
9.8.3.33 Sino Vanadium 91
9.8.3.34 Tongren Vanadium 91
9.8.3.35 Winshine Metallurgy Chemicals Co 91
9.8.3.36 Wuhu Renben Alloy Co 91
9.8.3.37 Xichang New Vanadium and Titanium Co 91
9.8.3.38 Yaolinghe Vanadium 91
9.8.3.39 Yuxi Pengcheng Chemical and Smelting Co 92
9.8.3.40 Zhuyu Vanadium and Titanium 92
9.8.4 Chinese trade in vanadium 92
9.8.5 Chinese consumption of vanadium 97
9.8.6 Chinese government policies affecting the development of the
vanadium industry 97
9.9 Czech Republic 98
9.9.1 Nikom 99
9.1 Ecuador 99
9.11 Finland 99
9.12 France 100
9.13 Germany 100
9.13.1 GfE Metalle und Materialien (GfE) 100
9.13.2 Nickelhütte Aue 102
9.14 India 102
9.14.1 Production in India 103
9.14.1.1 Catalyst India 103
9.14.1.2 Essel Mining 104
9.14.1.3 Premier Alloys and Chemicals 104
9.14.1.4 RR Ferroalloys 104
9.15 Japan 104
9.15.1 Kashima Kita Electric Power Corp 105
9.15.2 Metal Technology 106
9.15.3 New Chemical Industries 106
9.15.4 Nippon Denko 106
9.15.5 Shinko Chemical 106
9.15.6 Taiyo Koko 107
9.16 Kazakhstan 107
9.17 South Korea 108
9.17.1 Korvan 108
9.17.2 Woojin 109
9.17.3 Trade in vanadium pentoxide and ferrovanadium 109
9.18 Madagascar 111
9.19 Mexico 111
9.2 Namibia 111
9.21 Netherlands 111
9.22 New Zealand 112
9.22.1 BHP New Zealand Steel 112
9.23 Poland 112
9.24 Russia 112
9.24.1 Reserves of vanadium in Russia 113
9.24.2 Production of vanadium raw materials in Russia 114
9.24.3 Production of vanadium products in Russia 115
9.24.4 Leading producers of vanadium raw materials and products 118
9.24.4.1 Evraz Group 118
9.24.4.2 JSC Pevouralsk 122
9.24.4.3 JSC Volkovsky Rudnik 122
9.24.4.4 JSC Chusovoy 122
9.24.4.5 JSC Uralredmet 124
9.24.5 Potential sources of vanadium raw materials in Russia 125
9.25 Somalia 126
9.26 South Africa 126
9.26.1 Reserves of vanadium in South Africa 127
9.26.2 Production of vanadium slag in South Africa 128
9.26.3 Leading producers of vanadium 128
9.26.3.1 Evraz Highveld Steel and Vanadium 128
9.26.3.2 Vanchem Vanadium Products 130
9.26.3.3 Xstrata Alloys (Rhovan) 131
9.26.3.4 South Africa Japan Vanadium (SAJV) 132
9.27 Swaziland 133
9.28 Sweden 133
9.29 Taiwan 133
9.3 Tajikistan 133
9.31 Tanzania 134
9.32 Ukraine 134
9.32.1 JSC Mariupol Metallurgical Complex 135
9.33 USA 135
9.33.1 Reserves of vanadium in the USA 136
9.33.2 Producers of vanadium in the USA 137
9.33.2.1 Denison Mines 137
9.33.2.2 Strategic Minerals Corporation (Stratcor®) 138
9.33.2.3 Gulf Chemical and Metallurgical Corp and Bear Metallurgical 139
9.33.2.4 Metallurg Vanadium 140
9.33.2.5 Reading Alloys Inc. 140
9.33.2.6 International Specialty Alloys (ISA) 141
9.34 Venezuela 141
9.34.1 Bitor 141
9.34.2 Lagoven 141
9.35 Zimbabwe 141
10 Use of vanadium in steel 142
10.1 Distribution of vanadium use in steel 142
10.2 Strengthening mechanisms for steel 143
10.3 Use of vanadium in high-strength low-alloy (HSLA) steels 146
10.3.1 Markets for HSLA steels 150
10.3.1.1 Oil and gas industry 150
10.3.1.2 Transport industry 153
10.3.1.3 Pressure vessels 158
10.3.1.4 Reinforcing bars 158
10.3.1.5 Structural applications 158
10.3.1.6 Outlook for use of vanadium in high-strength steels 159
10.4 Use of vanadium in full alloy steels 159
10.4.1 Types of full alloy steel 160
11 Use of vanadium in non-ferrous alloys 162
11.1 Use of vanadium in titanium alloys 162
11.2 Use of vanadium in superalloys 166
11.3 Use of vanadium in magnetic alloys 166
11.4 Use of vanadium in other non-ferrous alloys 168
11.5 Trends in demand for vanadium in non-ferrous alloys 169
12 Use of vanadium in chemical applications 174
12.1 Use of vanadium in catalysts 175
12.1.1 Sulphuric acid production 177
12.1.2 Catalysts for Monomer production 178
12.1.3 Synthetic rubber production 179
12.1.4 Flue gas desulphurisation and denitrification 179
12.1.5 Hydrogen sulphide removal 181
12.1.6 Fluid Catalytic Cracking (FCC) catalysts 181
12.1.7 Other catalytic uses 182
12.2 Use of vanadium in batteries 182
12.2.1 Vanadium redox flow batteries (VRB) 182
12.2.2 Producers of vanadium redox batteries 184
12.2.3 Lithium-metal polymer (LMP) batteries 185
12.3 Use of vanadium in corrosion inhibitors 185
12.4 Use of vanadium in medicine and pharmaceuticals 187
12.5 Use of vanadium in dyes 187
12.6 Use of vanadium in phosphors 187
12.7 Use of vanadium in glass and ceramics 187
12.8 Use of vanadium in conversion coatings 188
12.9 Future trends in demand for vanadium in chemical
applications 188
13 International trade in vanadium 190
13.1 Trade in vanadium ash, residues and slag 190
13.2 Trade in vanadium pentoxide 191
13.3 Trade in ferrovanadium 196
For further information or a review copy of this report, please contact Khayyam Jahangir ([email protected]). To receive press releases via email, please contact Prakash Ramachandran ([email protected]).
Web: http://www.roskill.com/vanadium
SOURCE Roskill Information Services
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