Timeline and Progress, page-81

Poor economic outlook. Chinese property sector in bad shape. Lower steel demand likely for the next few years (China consumes about 50% of the worlds steel, mostly for construction) with all steel commodities likely to have a drag on the price, including Vanadium until the economic outlook improves.

Mid to long term for Vanadium demand still looks good with steel demand likely to bounce back once the economy turns, due to several other economies still needing to build decent housing for billions of people (India, Africa, Indonesia etc...) + there is plenty of room to increase the relative use of Vanadium in steel (Vanadium demand likely to grow even if steel demand remains flat) and then there is the Vanadium flow battery sector which is in its infancy with good growth prospects.

But for now a lot of doom and gloom and short term pain likely.

Patience needed here.