Vanadium is a silver-gray metal used to make various metal alloys and particularly in the manufacture of ferrovanadium. Ferrovanadium is an alloy of vanadium and iron used in steel production. Recently, countries that produce vanadium have greatly benefited from infrastructure spending in China and around the world. Global economic recovery, coupled with the growing interest in vanadium redox batteries, could further drive the demand for the metal as well as increase its price.
This is despite the decline in the production of vanadium in the recent past. Data from the U.S. Geological Survey shows that mined production of the metal declined from 80,000 metric tons in 2017 to 71,200 megatons in 2018, before increasing slightly to 73,000 megatons in 2019…
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