The Economics of Vanadium, 11th edition, 2007

1. Summary

2. Introduction, reserves and sources of vanadium

• 2.1 Properties of vanadium
• 2.2 Occurrence and reserves of vanadium
• 2.3 Sources of vanadium

3. Mining and processing of vanadium

• 3.1 Mining of vanadium ores
• 3.2 Processing of vanadium
  • 3.2.1 Titanomagnetite vanadium concentrates
  • 3.2.2 Vanadiferous slag
  • 3.2.3 Uranium-vanadium ores
  • 3.2.4 Vanadium-bearing oils
  • 3.2.5 Spent catalysts
• 3.3 Refining of vanadium
• 3.4 Production costs for vanadium

4. World production of vanadium

• 4.1 Sources of vanadium
• 4.2 Production of vanadium
• 4.3 Structure of the vanadium industry
• 4.4 Future trends in production of vanadium

5. Review of vanadium-producing countries

• 5.1 Armenia
• 5.2 Australia
  • 5.2.1 Production of vanadium in Australia
  • 5.2.2 Potential producers of vanadium in Australia
    • 5.2.2.1 Aurox Resources
    • 5.2.2.2 Greater Pacific Gold
    • 5.2.2.3 Precious Metals Australia
    • 5.2.2.4 Reed Resources
    • 5.2.2.5 Other potential producers
• 5.3 Austria
• 5.4 Belgium
• 5.5 Brazil
• 5.6 Burundi
• 5.7 Canada
  • 5.7.1 Potential producers of vanadium in Canada
    • 5.7.1.1 Bell River vanadium deposit
    • 5.7.1.2 Gossan Resources
    • 5.7.1.3 Gulf Chemical & Metallurgical
    • 5.7.1.4 McKenzie Bay International
    • 5.7.1.5 Metallurg Vanadium
    • 5.7.1.6 Randsburg International Gold
• 5.8 Chile
• 5.9 China
  • 5.9.1 Reserves of vanadium in China
  • 5.9.2 Producers of vanadium in China
    • 5.9.2.1 Beihai Special Ferroalloy Group
    • 5.9.2.2 Caixin Ferroalloy Plant
    • 5.9.2.3 Chengde Xinxin Vanadium & Titanium Co
    • 5.9.2.4 Chengdu Tianxing Investment & Meter Co
    • 5.9.2.5 Dalian Galaxy Metal Material Co
    • 5.9.2.6 Dunhuang Jindi Vanadium Co
    • 5.9.2.7 Fuzhou Fuyuan Nonferrous Metal Products Co
    • 5.9.2.8 Hangten Asia Co
    • 5.9.2.9 Hengyang Xiangnan Chemical Co
    • 5.9.2.10 Hongda Vanadium Co
    • 5.9.2.11 Hongfeng Vanadium
    • 5.9.2.12 Hong Jing Environment Co
    • 5.9.2.13 Liaoning Chenguang Ferroalloy Group
    • 5.9.2.14 Linghai Daye Ferroalloy Plant
    • 5.9.2.15 Longyear Mineral Products Co
    • 5.9.2.16 Metalink International Co
    • 5.9.2.17 Miyi Xingchem Vanadium & Titanium Alloys Co
    • 5.9.2.18 M.S. Resources
    • 5.9.2.19 Nanjing Yongfu Special Ferroalloy Works
    • 5.9.2.20 Panzhihua New Steel & Vanadium
    • 5.9.2.21 SF Vanadium Industry Co
    • 5.9.2.22 Shanghai Jiuling Smelting Co
    • 5.9.2.23 Shanyang Vanadium Mine
    • 5.9.2.24 Shuangfeng Vanadium
    • 5.9.2.25 TTCM
    • 5.9.2.26 Winshine Metallurgy Chemicals Co
    • 5.9.2.27 Wuhu Renben Alloy Co
    • 5.9.2.28 Xicheng New Vanadium & Titanium Co
    • 5.9.2.29 Yuxi Pengcheng Chemical & Smelting Co
    • 5.9.2.30 Zhuoyue Investment
  • 5.9.3 Trade in vanadium in China
• 5.1 Czech Republic
• 5.11 Finland
• 5.12 France
• 5.13 Germany
  • 5.13.1 GfE Metalle und Materialien
  • 5.13.2 Nickelhutte Aue
• 5.14 Greenland
• 5.15 India
  • 5.15.1 Producers of vanadium in India
• 5.16 Japan
  • 5.16.1 Producers of vanadium in Japan
    • 5.16.1.1 Kashima Kita Electric Power Corp
    • 5.16.1.2 Metal Technology
    • 5.16.1.3 New Chemical Industries
    • 5.16.1.4 Shinko Chemical
    • 5.16.1.5 Taiyo Koko
  • 5.16.2 Past producers of vanadium in Japan
• 5.17 Kazakhstan
• 5.18 South Korea
• 5.19 Mexico
• 5.20 Namibia
• 5.21 Netherlands
• 5.22 New Zealand
• 5.23 Poland
• 5.24 Russia
  • 5.24.1 Reserves of vanadium in Russia
  • 5.24.2 Production of vanadium raw materials in Russia
  • 5.24.3 Producers of vanadium raw materials in Russia
    • 5.24.3.1 KGOK
    • 5.24.3.2 JSC Pervouralsk RU
    • 5.24.3.3 JSC Volkovsky Rudnik
    • 5.24.3.4 Basic Element
    • 5.24.3.5 Potential production of vanadium raw materials
  • 5.24.4 Production of vanadium slag in Russia
  • 5.24.5 Production of vanadium products in Russia
  • 5.24.6 Producers of vanadium products in Russia
    • 5.24.6.1 JSC ChMZ
    • 5.24.6.2 Evraz Group
    • 5.24.6.3 OAO Svyatogor
    • 5.24.6.4 JSC Uralredmet
    • 5.24.6.5 OAO Vanady Tula
    • 5.24.6.6 JSC VSMPO
• 5.25 Somalia
• 5.26 South Africa
  • 5.26.1 Reserves of vanadium in South Africa
  • 5.26.2 Production of vanadium in South Africa
  • 5.26.3 Producers of vanadium in South Africa
    • 5.26.3.1 Highveld Steel and Vanadium
    • 5.26.3.2 Pinnacle Resources
    • 5.26.3.3 Vametco Minerals
    • 5.26.3.4 Verus Investments
    • 5.26.3.5 Xstrata
  • 5.26.4 Trade in vanadium in South Africa
• 5.27 Swaziland
• 5.28 Sweden
• 5.29 Taiwan
• 5.30 Tajikistan
• 5.31 Tanzania
• 5.32 UK
• 5.33 Ukraine
  • 5.33.1 JSC Mariupol Metallurgical Complex
  • 5.33.2 Zuyevsky Energomekhanichesky Complex
• 5.34 USA
  • 5.34.1 Reserves of vanadium in the USA
  • 5.34.2 Production of vanadium in the USA
  • 5.34.3 Producers of vanadium in the USA
    • 5.34.3.1 ATI Wah Chang
    • 5.34.3.2 Cotter Corp
    • 5.34.3.3 CS Metals
    • 5.34.3.4 Gulf Chemical & Metallurgical Corp
    • 5.34.3.5 Metallurg Vanadium
    • 5.34.3.6 Reading Alloys
    • 5.34.3.7 Shepherd Chemical
    • 5.34.3.8 Strategic Minerals Corp
    • 5.34.3.9 Tronox
    • 5.34.3.10 F.W. Winter
  • 5.34.4 Potential producers of vanadium in the USA
    • 5.34.4.1 Anglo-Canadian Uranium Corp
    • 5.34.4.2 Denison Mines
    • 5.34.4.3 Energy Fuels Resources Corp
    • 5.34.4.4 Golden Reef Mining
    • 5.34.4.5 Northwestern Mineral Ventures
    • 5.34.4.6 Stina Resources
    • 5.34.4.7 Sxr Uranium Ore
    • 5.34.4.8 USECC
  • 5.34.5 Trade in vanadium in the USA
• 5.35 Venezuela
  • 5.35.1 Bitor
  • 5.35.2 Lagoven
• 5.36 Zimbabwe

6. World consumption of vanadium

• 6.1 Consumption of vanadium by region
• 6.2 Future trends in demand for vanadium

7. Use of vanadium in steel

• 7.1 Strengthening mechanisms for steel
• 7.2 Use of vanadium in high-strength low-alloy steels
  • 7.2.1 Types of HSLA steel
  • 7.2.2 Markets for HSLA steels
    • 7.2.2.1 Oil and gas industry
    • 7.2.2.2 Transport industry
    • 7.2.2.3 Pressure vessels
    • 7.2.2.4 Reinforcing bars
    • 7.2.2.5 Structural applications
  • 7.2.3 Production of high-strength steels
• 7.3 Use of vanadium in full alloy steels
  • 7.3.1 Types of full alloy steel
  • 7.3.2 Production of full alloy steels
• 7.4 Use of vanadium in tool steels
  • 7.4.1 Types of tool steel
  • 7.4.2 Production of tool steels
• 7.5 Use of vanadium in carbon steels
  • 7.5.1 Types of carbon steel
  • 7.5.2 Production of carbon steel
• 7.6 Use of vanadium in stainless steel
  • 7.6.1 Types of stainless steel
  • 7.6.2 Production of stainless steel
• 7.7 Use of vanadium in cast iron
• 7.8 Trends in demand for vanadium in steel

8. Use of vanadium in non-ferrous alloys

• 8.1 Use of vanadium in titanium alloys
• 8.2 Use of vanadium in superalloys
• 8.3 Use of vanadium in magnetic alloys
• 8.4 Use of vanadium in other non-ferrous alloys
• 8.5 Trends in demand for vanadium in non-ferrous alloys

9. Use of vanadium in chemical applications

• 9.1 Use of vanadium in catalysts
  • 9.1.1 Sulphuric acid production
  • 9.1.2 Monomer production
  • 9.1.3 Synthetic rubber production
  • 9.1.4 Flue gas desulphurisation and denitrification
  • 9.1.5 Hydrogen sulphide removal
  • 9.1.6 FCC catalysts
  • 9.1.7 Other catalytic uses
• 9.2 Use of vanadium in batteries
  • 9.2.1 Vanadium redox batteries
  • 9.2.2 Producers of vanadium redox batteries
  • 9.2.3 Lithium-metal polymer batteries
• 9.3 Use of vanadium in corrosion inhibitors
• 9.4 Use of vanadium in medicine and pharmaceuticals
• 9.5 Use of vanadium in dyes
• 9.6 Use of vanadium in phosphors
• 9.7 Use of vanadium in glass and ceramics
• 9.8 Use of vanadium in conversion coatings
• 9.9 Future trends in demand for vanadium in chemical applications

10. International trade in vanadium

• 10.1 Trade in vanadium ash, residues and slag
• 10.2 Trade in vanadium pentoxide
• 10.3 Trade in ferro-vanadium
• 10.4 Trade in vanadium metal

11. Prices of vanadium

• 11.1 Historical price trends for vanadium
• 11.2 Outlook for vanadium prices

List of Tables

• Table 1: Properties of vanadium
• Table 2: World: Vanadium reserves and reserve base, 2005
• Table 3: Specifications for ferro-vanadium produced by Stratcor
• Table 4: Specifications for NitrovanR Vanadium produced by Stratcor
• Table 5: World: Producers of vanadium by raw material source
• Table 6: World: Production of vanadium by country, 2003-2005
• Table 7: World: Production of vanadium by region, 2003-2005
• Table 8: World: Production of primary vanadium by country, 1998-2005
• Table 9: World: Estimated production of ferro-vanadium by country, 1998-2005
• Table 10: World: Leading producers of vanadium, 2006
• Table 11: World: Estimated increase in vanadium production by area, 2006
• Table 12: World: Expansion plans for vanadium planned or under consideration,
• Table 13: Australia: Production and exports of vanadium, 2000-2003
• Table 14: Australia: Resources of vanadium, 2002-2005
• Table 15: Precious Metals Australia: Resources of vanadium, mid-2006
• Table 16: Xstrata: Production of vanadium pentoxide, 2000-2003
• Table 17: Advantages of the Windimurra vanadium operation
• Table 18: Reed Resources: Resources of vanadium at Barrambie deposit, 2006
• Table 19: Summit Resources: Assay of uranium deposits
• Table 20: Treibacher: Estimated production of ferro-vanadium, 1998-2005
• Table 21: Hochvanadium: Production of ferro-vanadium, 2001-2006
• Table 22: Belgium: Production of ferro-vanadium and vanadium imports, 1998-2005
• Table 23: China: Production of vanadium, 1998-2006
• Table 24: China: Producers of vanadium
• Table 25: Chengde Xinxin: Vanadium product range
• Table 26: Panzhihua New Steel & Vanadium: Production capacity for vanadium,
• Table 27: Panzhihua New Steel & Vanadium: Production of vanadium, 1999, 2001,
• Table 28: Panzhihua New Steel & Vanadium: Specifications for vanadium pentoxide
• Table 29: Panzhihua New Steel & Vanadium: Specifications for ferro-vanadium
• Table 30: Panzhihua New Steel & Vanadium: Specifications for nitrided vanadium
• Table 31: China: Trade in vanadium, 1998-2006
• Table 32: Nikom: Production of ferro-vanadium, 2000-2006
• Table 33: Metaux Speciaux: Specifications for vanadium catalysts
• Table 34: GfE Metalle und Materialien: Vanadium product range
• Table 35: India: Reserves of vanadium by state
• Table 36: India: Production of vanadium-bearing sludge by company,
• Table 37: India: Production and imports of ferro-vanadium, 1998/99-2004/05
• Table 38: Japan: Production of ferro-vanadium, 1998-2004
• Table 39: Japan: Imports of vanadium by product, 2001-2006
• Table 40: Shinko Chemical: Vanadium product range
• Table 41: Mexico: Exports of vanadium-bearing ash and residues, 1998-2005
• Table 42: Netherlands: Trade in vanadium, 1998-2005
• Table 43: Russia: Deposits of vanadium
• Table 44: Russia: Production of vanadium-bearing ores and concentrates by
• Table 45: Russia: Reserves in Sredniaya Padma deposit
• Table 46: NTMK: Production of vanadium slag, 2001-2004
• Table 47: Russia: Production and exports of vanadium pentoxide and
• Table 48: Russia: Specifications for ferro-vanadium
• Table 49: Russia: Production of vanadium pentoxide by producer, 1998-2004
• Table 50: Russia: Production of ferro-vanadium by producer, 1998-2005
• Table 51: ChMZ: Exports of ferro-vanadium by country of destination, 2000-2005
• Table 52: Evraz: Worldwide vanadium interests
• Table 53: JSC Uralredmet: Imports of vanadium pentoxide by country of origin,
• Table 54: JSC Uralredmet: Exports of vanadium metal by country of destination,
• Table 55: Vanady Tula: Exports of vanadium pentoxide by country of destination,
• Table 56: Vanady Tula: Exports of ferro-vanadium by country of destination,
• Table 57: JSC VSMPO: Imports of vanadium-aluminium masteralloys by country of origin, 2000-2005
• Table 58: South Africa: Production of ferro-vanadium, 1998-2005
• Table 59: South Africa: Production and sales of vanadium, 1995-2005
• Table 60: South Africa: Production of vanadium by producer, 2003-2005
• Table 61: Highveld Steel and Vanadium: Production of vanadium, 1996-2006
• Table 62: Highveld Steel and Vanadium: Reserves of vanadium
• Table 63: Highveld Steel and Vanadium: Production of vanadium slag, 2001-2006
• Table 64: Highveld Steel and Vanadium: Production of ferro-vanadium by
• Table 65: Vanchem: Vanadium product range
• Table 66: Vametco Minerals: Specifications for NitrovanR Vanadium
• Table 67: Xstrata: Saleable production of vanadium in South Africa, 2001-2006
• Table 68: Rhovan: Reserves of vanadium, year-end 2004
• Table 69: South Africa: Exports of vanadium by country of destination, 2001-2005
• Table 70: Leninabadsky Rare Metals Plant: Vanadium product range
• Table 71: Tajikistan: Exports of vanadium products to Russia, 1995-2002
• Table 72: Ukraine: Imports of vanadium, 2002-2005
• Table 73: USA: Producers of vanadium
• Table 74: Strategic Minerals: Production capacity for vanadium by operation, 2006
• Table 75: Strategic Minerals: Vanadium product range
• Table 76: USA: Imports of vanadium by country of origin, 2002-2006
• Table 77: USA: Imports of vanadium raw materials, 2002-2006
• Table 78: USA: Tariffs on vanadium imports
• Table 79: World: Estimated market balance for vanadium, 2003-2006
• Table 80: World: Consumption of vanadium by region, 2003-2006
• Table 81: Selected countries: Consumption of ferro-vanadium, 2000-2005
• Table 82: USA: Consumption of vanadium by end-use, 1998-2006
• Table 83: USA: Consumption of vanadium by form, 1998-2005
• Table 84: World: Forecast demand for steel by region, 2005-2015
• Table 85: World: Forecast consumption of vanadium by end-use, 2010
• Table 86: Principal precipitation hardening mechanisms for steel
• Table 87: Effects of niobium and vanadium additions on yield strength
• Table 88: Effects of alloying additions in HSLA steels
• Table 89: Alloying additions and properties of ASTM grades of HSLA steels
• Table 90: Typical composition of dual-phase steel
• Table 91: World: Planned pipeline construction by area
• Table 92: World: Pipeline construction by size and area, 2006
• Table 93: Applications for HSLA steels in automobiles
• Table 94: World: Production of automobiles by country, 1998-2005
• Table 95: Comparison of properties of high-strength and advanced high-strength
• Table 96: Composition of typical structural steels
• Table 97: Composition and properties of Vasco 9-430
• Table 98: Composition of a typical rail steel
• Table 99: Selected countries: Production of alloy steels, 1999-2005
• Table 100: Composition of high-speed steels containing vanadium produced by
• Table 101: Composition of cold work tool steels containing vanadium produced
• Table 102: Composition of hot work tool steels containing vanadium produced by
• Table 103: Selected countries: Production of tool and high-speed steels,
• Table 104: World: Production of crude steel by country, 2000-2006
• Table 105: World: Leading producers of crude steel, 2005
• Table 106: Composition of stainless steels containing vanadium produced by
• Table 107: World: Production of stainless steel by region, 2002-2006
• Table 108: World: Leading producers of stainless steel, 2003-2005
• Table 109: World: Estimated consumption of vanadium in steel by type, 2005
• Table 110: Selected countries: Consumption of ferro-vanadium in steel, 2000-2005
• Table 111: USA: Consumption of vanadium in steel by type, 2000-2006
• Table 112: Composition of vanadium-aluminium masteralloys produced by Stratcor
• Table 113: Comparison of strength of aerospace materials
• Table 114: Properties of TIMETAL vanadium-bearing titanium alloys produced
• Table 115: Properties of AllvacR vanadium-bearing titanium alloys produced by
• Table 116: USA: Consumption of vanadium in superalloys, 2000-2006
• Table 117: Composition of magnetic alloys containing vanadium
• Table 118: World: Forecast deliveries of large aircraft by producer, 1996-2025
• Table 119: Comparison of engine weights
• Table 120: World: Forecast deliveries of aeroengines by producer, 2006-2025
• Table 121: USA: Consumption of vanadium in chemical applications, 2001-2006
• Table 122: Applications for vanadium chemicals
• Table 123: Applications for vanadium chemicals
• Table 124: Applications for catalysts containing vanadium produced by BASF
• Table 125: Japan: Consumption of vanadium in catalysts, 2000-2006
• Table 126: China: Production capacity for vanadium catalysts by producer, 2006
• Table 127: World: Forecast production of sulphuric acid by source, 2004-2014
• Table 128: Catalysts for EPDM production produced by Stratcor
• Table 129: Properties of vanadium catalysts for flue gas purification
• Table 130: Properties of vanadium redox battery energy storage systems
• Table 131: VRB-ESS projects and installations
• Table 132: Properties of electric vehicle batteries
• Table 133: Gas absorption processes for carbon dioxide removal
• Table 134: World: Trade in vanadium oxides and hydroxides by country,
• Table 135: World: Exports of vanadium oxides and hydroxides recorded by
• Table 136: World: Imports of vanadium oxides and hydroxides recorded by
• Table 137: World: Trade in ferro-vanadium by country, 2001-2005
• Table 138: World: Exports of ferro-vanadium recorded by leading exporting
• Table 139: World: Imports of ferro-vanadium recorded by leading importing
• Table 140: USA: Exports of aluminium-vanadium masteralloys by country of
• Table 141: World: Exports of vanadium metal, powder and scrap recorded by
• Table 142: World: Imports of vanadium metal, powder and scrap recorded by
• Table 143: Average vanadium prices, 1995-2005
• Table 144: Highveld Steel and Vanadium: Weighted average vanadium sales
• Table 145: Russia: Average values of vanadium exports, 1995-2005
• Table 146: European prices of 98% vanadium pentoxide, 1997-2006
• Table 147: European prices of 70-80% ferro-vanadium, major European
• Table 148: US free market prices of 98% vanadium pentoxide, 1992-2006
• Table 149: US free market prices of 70-80% ferro-vanadium, 1992-2006
• Table 150: US free market prices of 70-80% ferro-vanadium, Pittsburgh

List of Figures

• Figure 1: Process flowsheet for vanadium
• Figure 2: World: Production of vanadium by source, 2005
• Figure 3: Flowsheet for vanadium production
• Figure 4: Flowsheet for vanadium pentoxide production by Highveld Steel and
• Figure 5: Flowsheet for vanadium recovery from secondary raw materials by
• Figure 6: Production costs for vanadium pentoxide and ferro-vanadium by
• Figure 7: World: Vanadium production by raw material source, 2005
• Figure 8: World: Estimated vanadium production by country, 2005
• Figure 9: World: Capacity utilisation rates for vanadium production by raw material
• Figure 10: World: Concentration of vanadium production by producer, 2005
• Figure 11: JSC ChMZ: Production of ferro-vanadium, 1998-2005
• Figure 12: Vanady Tula: Production of vanadium pentoxide and ferro-vanadium,
• Figure 13: South Africa: Sales of vanadium, 1995-2005
• Figure 14: Highveld Steel and Vanadium: Flowsheet for vanadium slag
• Figure 15: Vanchem: Process flowsheet
• Figure 16: Vanchem: Sales and prices of vanadium pentoxide, 1996-2005
• Figure 17: Vanchem: Sales and prices of ferro-vanadium and ferro-vanadium
• Figure 18: Rhovan: Production of vanadium, 2001-2005
• Figure 19: World: Consumption of vanadium and crude steel production, 1992-2005
• Figure 20: World: Estimated market balance for vanadium, 2003-2006
• Figure 21: World: Consumption of vanadium by country, 2005
• Figure 22: World: Consumption of vanadium in steel by type, 2005
• Figure 23: World: Production of automobiles by leading producer, 2005
• Figure 24: USA: Growth in consumption of advanced high-strength steels in automobiles, 1995-2015
• Figure 25: World: Estimated production of HSLA steels by region, 2002
• Figure 26: World: Production of crude steel by leading producing country, 2005
• Figure 27: World: Leading producers of crude steel, 1999, 2002 and 2005
• Figure 28: Average annual prices of niobium and vanadium, 1998-2005
• Figure 29: USA: Consumption of vanadium in steel by type, 2005
• Figure 30: World: Deliveries of large jet aircraft, 2006-2025
• Figure 31: World: New airplane deliveries by size and geographical area,
• Figure 32: World: Development of the aircraft fleet by area, 2006 and 2025
• Figure 33: World: Demand for maleic anhydride by region, 2004
• Figure 34: World: Demand for maleic anhydride by end-use, 2004
• Figure 35: World: Demand for EPDM by end-use, 2004
• Figure 36: World: Production capacity for EPM/EPDM by country, 2004
• Figure 37: Average annual European prices of vanadium, 1988-2006
• Figure 38: Highveld Steel and Vanadium: Weighted average steel and
• Figure 39: European monthly average prices of vanadium pentoxide, 1997-2006
• Figure 40: European monthly average prices of ferro-vanadium, 1997-2006