FYI...From the Euroz Securities report on WVL in reference to Vanadium market supply with comments on China and South Africa.
http://www.pmal.com.au/aurora/assets/user_content/File/Euroz%20Broker%20Research%20-%2028%20Mar%2008.pdf.
//- Vanadium demand is forecast to grow at 7.8%pa (CRU), slightly ahead of the 7.1% growth over the last 5 yrs.
- Vanadium demand is mainly used in high performance steels and accordingly its intensity of use (~50g/t of steel globally) is geared toward increasing economic industrialisation.
- The largest global producers are China 29%, Sth Africa 25% and Russia 15%. The bulk of the Chinese and Russian supply is as co-product from magnetite iron sources and its growth is linked to expansion of co-production facilities which are relatively unique.
- Only Panzhihua and Chengde in China are known to have expansion plans (~8kt in 2009). This growth is needed to meet forecast market demand.
- Closure of small high cost and high polluting operations in China and increased export taxes will partially offset any planned growth there.
- The power supply crisis in Sth Africa is likely to have curtailed any potential growth in supply there.//
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