@RhysT I think A lot of the Chinese VRBs producers are in bed...

@RhysT I think A lot of the Chinese VRBs producers are in bed with the steel makers and probably the v205 units are not seeing the spot market they going straight to their partners,

for example you have rongke power who's got the gigafactory with the robotic production line that's major shareholder is Pangang vanadium. they essentially own the company with 51 percent interest. they are the worlds largest producer of vanadium. do they care if they sell v205 units for $5 to a company they essentially own? probably not. what they lose in one hand they make in the other. this is just one example there are multiple steel coys in bed with VRB producers.

as for the rest of the world I think between sumitomo, invinity and cellcube would be lucky to hit 400MWH of installed capacity so far . so in their lifetime they have only required 4000 tonnes.

invinity now have a 500MWH production line that they are automating so this in theory should be producing more per year then those three have produced in their entire existence.

as for cellcube, sumitomo I'm sure they have similar expansion plans also.

I think when the rest of the world are building 100Mwh plus VRBS on the regular we will see the price go vertical. At the moment the rest of world VRBs are still only taking a fraction of annual demand.