The $10 V price cap before substitution relates to Vanadium use for strengthening steel alloys ( primarily for concrete reinforcing bar due modified specifications now requiring vanadium). Niobium as you mention would or could substitute at a $ 10 vanadium cap, however the growth market and its non-substitutional is Vanadium for massive redox flow storage batteries, which are now being adopted, especially in China.
Ann: Steelpoortdrift PFS delivers superior results, page-40
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