Date: Oct 23, 2018
There has been a steep climb in vanadium prices over the last two years.
Prices have gone up by a factor of 10 during this period:
Source: Australian Vanadium
This trend could well be set to continue.
Not many people know what vanadium is or what it is used for.
Well, vanadium is a transition metal with a number of uses, including use as a means of producing steel alloys and cutting edge batteries.
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Vanadium’s use in batteries could increase its price
Below we see a pie chart which outlines what the metal is used for:
As you can see, a large portion is used for steel. In fact, 92% of vanadium consumption is tied to steel.
This is because steel dramatically increases the strength of steel by up to 100%, it also reduces its weight by up to 30%.
China has introduced new standards for its rebar, effectively doubling the vanadium used compared the rest of the world.
Perhaps the most exciting use of vanadium however, is in the production of Vanadium Redox Flow Batteries (VRFBs).
