Rebar Standards, page-2

In addition, winter production curbs across the steel industry imposed by the Chinese government usually end in April. The construction season starts with the better weather and steel output ramps up (typically seeing a 20% increase in average daily output). The season lasts through to November. Therefore, vanadium fundamentals should become clear in the coming months, with the price moving accordingly. In my view, it is also the case that, if the steel market fails to support a higher vanadium price, VRFBs should become more prominent as their economics improve, creating a price floor. Market commentary is that the vanadium price should have bottomed now and the de-stocking of steel mills is near. Hopefully the price action shall confirm this in the next few weeks.