Morning matchup, page-48

Our other assets are also growing in value as is the demand for commodities in Gold/Silver and commodities super cycle:
on vanadium Reuben Adams commented elsewhere... concentrating on steel demand but vanadium future is in renewable energy storage, a safe alternative to Li ion batteries... while the Silver demand is likely to explode in the future too:

Vanadium’s stellar 2021 run

The vanadium pentoxide (V2O5) price has posted a stellar performance since the beginning of 2021, with an 80% increase to US$9.6/lb, according to Roskill.

~90% of V2O5 is used to strengthen steel; just ~2% goes into the nascent redox flow battery market.

“During the first seven months of the year, global steel production rose 12.4% y-o-y, with China’s steel output increasing 8.0% y-o-y and the rest of the world 18.5% y-o-y,” Roskill says.

“Unsurprisingly, vanadium demand followed.

“Meanwhile, vanadium supply is expected to increase only moderately in 2021, and mostly coming from some Chinese slag producers.”

Despite the Chinese dropping steel production in the coming months, Roskill believes that vanadium prices will fluctuate within a relatively narrow range until the end of the year but remaining above their long-term forecast.

“While Chinese steel production may drop on a y-o-y basis in the coming months, domestic consumption remains reasonably strong with the main decline coming from steel exports,” it says.

“Inventories [also] appear to be leaner than usual, and stronger demand in the world ex-China combined with continuous supply chain issues could trigger more vanadium purchases from steel mills in coming weeks.”

and re Vanadium batteries for storage:

Why vanadium flow batteries may be the future of utility scale energy storage?

As the batteries are charged and discharged, vanadium ions are simply moved between oxidation states. ... Li-ion batteries do have an advantage in energy density, which is why VFBs are being targeted for stationary applications. However, compared to Li-ion batteries for grid scale storage, there is no fire risk with VFBs.24 Oct 2020