My understanding is 50% of the steel market went to niobium instead of vanadium and then the environmental inspections didn't get enforced like they should of.
Grade 1 and Grade 2 standards disappeared with grade 3 rebar the standard at 0.003% Vanadium per tonne of steel.
This around my prediction is grade 3 will be scrapped and Grade 4 will be the new standard at 0.006% Vanadium per tonne of steel.
Also steel companies are transitioning from Carbon Manganese steel (high energy input) to vanadium based steels (minimal energy input) per tonne of steel. So the financial incentive is there for Steel customers to increase vanadium consumtpion.
In Summary if they stick to my prediction vanadium consumption in Steel will double from here on in at a time when VRFBs are coming in hot.
Bushveld minerals in South Africa close to closure and Largo is 25% production reduction due to depleting ore.
Any structural market changes on the demand side will cause vanadium to moon shot.
Makes for exciting times. That is the market picture I am seeing.
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