I suspect the construction slow down in China may well be having...

I suspect the construction slow down in China may well be having an impact as well: less demand for "high strength" rebar that uses vanadium could mean lower Vanadium demand as well. Rebar is one of the primary demand drivers for Vanadium currently.

If this notion is anywhere close to the mark, doubtful, I know, it could be canary in a coal mine for iron ore demand and prices as well.

I'm long BHP as well as TMT, definitely not a "trader", but the above thought has given me something to ponder.

my 2 cents, ymmv, dyor etc