AVL Chart, page-770

Vanadium still looks solid in 2018, with recent data suggesting that the Chinese steel sector and other general drivers of demand are robust as we move from Q2 to Q3 2018:

a) Chinese steel production is expanding against world producers:
https://www.*.com.au/china-steel-output-worldsteel-global-comparison-april-2018-5

b) Chinese steel inventories are falling quickly, which raises the prospect of expanding output over 2017:
https://www.*.com.au/china-steel-inventories-iron-ore-coking-coal-2018-5

c) China regions vow to step up pollution crackdown after central government probe (this will likely take out vanadium produced as a byproduct of steel):
https://uk.reuters.com/article/uk-c...after-central-government-probes-idUKKCN1IU0PO

New Bloomberg data shows that China's economy is more robust than sentiment was expecting.

While Trump wants to be seen to be bashing China, he cannot risk a harmful economic fight in 2018. The US energy storage market is also heating up nicely.