世界のバナジウム市場：第11版（2007年）

Spring 2005 saw vanadium prices rise to all-time record levels. Strong demand from the steel industry in 2004, especially in China and the USA, depletion of large vanadium pentoxide stockpiles and speculative activity, all pushed prices of vanadium pentoxide up to US$27/lb in March 2005, while those of ferrovanadium peaked at US$126/kg in April 2005. Prices at these elevated levels were unsustainable. Vanadium supply increased in 2005, while high prices led to some substitution of ferro-vanadium by ferro-niobium in special steels. The vanadium market remained broadly in balance during 2006, with world steel production continuing to rise, while there was little further substitution by ferro-niobium. World vanadium demand is estimated to have risen by over 8% in 2006, and supply by 12%, reducing the market deficit below 1,000t. Forecast growth in the vanadium market and high prices since 2004 have resulted in proposals for new projects, which could have a significant impact on world vanadium supply. As new capacity is brought on-stream, the vanadium market is forecast to move into surplus in 2008/09, and prices are expected to fall back to average historical levels of US$4.50/lb vanadium pentoxide and US$20-22/kg ferro-vanadium towards the end of the decade. This downward movement in prices is likely to limit the increase in vanadium supply.

The key trends, issues and developments in the market are analysed in this major new report from Roskill. It provides a clear insight into the industry and its trends, and an authoritative analysis of the prospects for the future.

What the report gives you

• Independent, in-depth research and analysis
• Essential market intelligence for successful business planning
• Detailed survey of production and processing in 36 countries
• Up-to-date profiles of the activities of over 80 vanadium producing companies and potential projects, including Highveld Steel and Vanadium, Xstrata, OAO Vanady Tula, Panzhihua New Steel and Vanadium and Precious Metals Australia
• Forecasts for end-use consumption and world supply and demand

Report highlights

Following modest average growth of around 1%py through the 1990s, world vanadium consumption has risen significantly since 2002, reflecting both higher world steel production and higher unit vanadium consumption as the share of high-strength steels in total steel output rises. Despite the set-back resulting from high prices in 2005, world demand for vanadium rose by 7.5%py from 79,800t V2O5 equivalent in 2003 to a peak level of 98,900t in 2006.

The outlook for vanadium consumption through 2010 appears optimistic. World consumption may show short-term fluctuations in line with steel production, but is forecast to show underlying growth of 5-6%py to reach 118,600t V2O5 equivalent in 2010. High-strength steels will continue to provide the main area of growth as increasing emphasis is placed on life-cycle costs in the construction industry, on reducing weight and improving fuel efficiency in the transport industry, and on the use of higher-performance materials to withstand aggressive environments in the oil and gas industry.

In Australia, Precious Metals Australia (Windimurra) will commission production of 6,000tpy ferro-vanadium by mid 2008. Aurox Resources (Balla Balla) has commissioned a bankable feasibility study that examines production of around 5,000tpy ferro-vanadium by 2010. In China, Panzhihua and Chengde Xinxin plan to raise capacity by some 8,000tpy ferro-vanadium and 6,000tpy vanadium pentoxide by 2011. In South Africa, the potential combined increase in capacity by Highveld Steel and Vanadium and Xstrata is over 6,500tpy vanadium pentoxide.

One change in structure of the vanadium industry in 2006/7 was the acquisition by Evraz Group of a 73% stake in Strategic Minerals of the USA, and of a 79% stake in Highveld Steel and Vanadium of South Africa. Following a competition enquiry by the EU commission, Evraz agreed to divest an equity interest in Highveld' s vanadium mining and processing operations, while retaining an interest in vanadium steel slag.

1. Summary

2. Introduction, reserves and sources of vanadium

• 2.1 Properties of vanadium
• 2.2 Occurrence and reserves of vanadium
• 2.3 Sources of vanadium

3. Mining and processing of vanadium

• 3.1 Mining of vanadium ores
• 3.2 Processing of vanadium
  • 3.2.1 Titanomagnetite vanadium concentrates
  • 3.2.2 Vanadiferous slag
  • 3.2.3 Uranium-vanadium ores
  • 3.2.4 Vanadium-bearing oils
  • 3.2.5 Spent catalysts
• 3.3 Refining of vanadium
• 3.4 Production costs for vanadium

4. World production of vanadium

• 4.1 Sources of vanadium
• 4.2 Production of vanadium
• 4.3 Structure of the vanadium industry
• 4.4 Future trends in production of vanadium

5. Review of vanadium-producing countries

• 5.1 Armenia
• 5.2 Australia
  • 5.2.1 Production of vanadium in Australia
  • 5.2.2 Potential producers of vanadium in Australia
    • 5.2.2.1 Aurox Resources
    • 5.2.2.2 Greater Pacific Gold
    • 5.2.2.3 Precious Metals Australia
    • 5.2.2.4 Reed Resources
    • 5.2.2.5 Other potential producers
• 5.3 Austria
• 5.4 Belgium
• 5.5 Brazil
• 5.6 Burundi
• 5.7 Canada
  • 5.7.1 Potential producers of vanadium in Canada
    • 5.7.1.1 Bell River vanadium deposit
    • 5.7.1.2 Gossan Resources
    • 5.7.1.3 Gulf Chemical & Metallurgical
    • 5.7.1.4 McKenzie Bay International
    • 5.7.1.5 Metallurg Vanadium
    • 5.7.1.6 Randsburg International Gold
• 5.8 Chile
• 5.9 China
  • 5.9.1 Reserves of vanadium in China
  • 5.9.2 Producers of vanadium in China
    • 5.9.2.1 Beihai Special Ferroalloy Group
    • 5.9.2.2 Caixin Ferroalloy Plant
    • 5.9.2.3 Chengde Xinxin Vanadium & Titanium Co
    • 5.9.2.4 Chengdu Tianxing Investment & Meter Co
    • 5.9.2.5 Dalian Galaxy Metal Material Co
    • 5.9.2.6 Dunhuang Jindi Vanadium Co
    • 5.9.2.7 Fuzhou Fuyuan Nonferrous Metal Products Co
    • 5.9.2.8 Hangten Asia Co
    • 5.9.2.9 Hengyang Xiangnan Chemical Co
    • 5.9.2.10 Hongda Vanadium Co
    • 5.9.2.11 Hongfeng Vanadium
    • 5.9.2.12 Hong Jing Environment Co
    • 5.9.2.13 Liaoning Chenguang Ferroalloy Group
    • 5.9.2.14 Linghai Daye Ferroalloy Plant
    • 5.9.2.15 Longyear Mineral Products Co
    • 5.9.2.16 Metalink International Co
    • 5.9.2.17 Miyi Xingchem Vanadium & Titanium Alloys Co
    • 5.9.2.18 M.S. Resources
    • 5.9.2.19 Nanjing Yongfu Special Ferroalloy Works
    • 5.9.2.20 Panzhihua New Steel & Vanadium
    • 5.9.2.21 SF Vanadium Industry Co
    • 5.9.2.22 Shanghai Jiuling Smelting Co
    • 5.9.2.23 Shanyang Vanadium Mine
    • 5.9.2.24 Shuangfeng Vanadium
    • 5.9.2.25 TTCM
    • 5.9.2.26 Winshine Metallurgy Chemicals Co
    • 5.9.2.27 Wuhu Renben Alloy Co
    • 5.9.2.28 Xicheng New Vanadium & Titanium Co
    • 5.9.2.29 Yuxi Pengcheng Chemical & Smelting Co
    • 5.9.2.30 Zhuoyue Investment
  • 5.9.3 Trade in vanadium in China
• 5.1 Czech Republic
• 5.11 Finland
• 5.12 France
• 5.13 Germany
  • 5.13.1 GfE Metalle und Materialien
  • 5.13.2 Nickelhutte Aue
• 5.14 Greenland
• 5.15 India
  • 5.15.1 Producers of vanadium in India
• 5.16 Japan
  • 5.16.1 Producers of vanadium in Japan
    • 5.16.1.1 Kashima Kita Electric Power Corp
    • 5.16.1.2 Metal Technology
    • 5.16.1.3 New Chemical Industries
    • 5.16.1.4 Shinko Chemical
    • 5.16.1.5 Taiyo Koko
  • 5.16.2 Past producers of vanadium in Japan
• 5.17 Kazakhstan
• 5.18 South Korea
• 5.19 Mexico
• 5.20 Namibia
• 5.21 Netherlands
• 5.22 New Zealand
• 5.23 Poland
• 5.24 Russia
  • 5.24.1 Reserves of vanadium in Russia
  • 5.24.2 Production of vanadium raw materials in Russia
  • 5.24.3 Producers of vanadium raw materials in Russia
    • 5.24.3.1 KGOK
    • 5.24.3.2 JSC Pervouralsk RU
    • 5.24.3.3 JSC Volkovsky Rudnik
    • 5.24.3.4 Basic Element
    • 5.24.3.5 Potential production of vanadium raw materials
  • 5.24.4 Production of vanadium slag in Russia
  • 5.24.5 Production of vanadium products in Russia
  • 5.24.6 Producers of vanadium products in Russia
    • 5.24.6.1 JSC ChMZ
    • 5.24.6.2 Evraz Group
    • 5.24.6.3 OAO Svyatogor
    • 5.24.6.4 JSC Uralredmet
    • 5.24.6.5 OAO Vanady Tula
    • 5.24.6.6 JSC VSMPO
• 5.25 Somalia
• 5.26 South Africa
  • 5.26.1 Reserves of vanadium in South Africa
  • 5.26.2 Production of vanadium in South Africa
  • 5.26.3 Producers of vanadium in South Africa
    • 5.26.3.1 Highveld Steel and Vanadium
    • 5.26.3.2 Pinnacle Resources
    • 5.26.3.3 Vametco Minerals
    • 5.26.3.4 Verus Investments
    • 5.26.3.5 Xstrata
  • 5.26.4 Trade in vanadium in South Africa
• 5.27 Swaziland
• 5.28 Sweden
• 5.29 Taiwan
• 5.30 Tajikistan
• 5.31 Tanzania
• 5.32 UK
• 5.33 Ukraine
  • 5.33.1 JSC Mariupol Metallurgical Complex
  • 5.33.2 Zuyevsky Energomekhanichesky Complex
• 5.34 USA
  • 5.34.1 Reserves of vanadium in the USA
  • 5.34.2 Production of vanadium in the USA
  • 5.34.3 Producers of vanadium in the USA
    • 5.34.3.1 ATI Wah Chang
    • 5.34.3.2 Cotter Corp
    • 5.34.3.3 CS Metals
    • 5.34.3.4 Gulf Chemical & Metallurgical Corp
    • 5.34.3.5 Metallurg Vanadium
    • 5.34.3.6 Reading Alloys
    • 5.34.3.7 Shepherd Chemical
    • 5.34.3.8 Strategic Minerals Corp
    • 5.34.3.9 Tronox
    • 5.34.3.10 F.W. Winter
  • 5.34.4 Potential producers of vanadium in the USA
    • 5.34.4.1 Anglo-Canadian Uranium Corp
    • 5.34.4.2 Denison Mines
    • 5.34.4.3 Energy Fuels Resources Corp
    • 5.34.4.4 Golden Reef Mining
    • 5.34.4.5 Northwestern Mineral Ventures
    • 5.34.4.6 Stina Resources
    • 5.34.4.7 Sxr Uranium Ore
    • 5.34.4.8 USECC
  • 5.34.5 Trade in vanadium in the USA
• 5.35 Venezuela
  • 5.35.1 Bitor
  • 5.35.2 Lagoven
• 5.36 Zimbabwe

6. World consumption of vanadium

• 6.1 Consumption of vanadium by region
• 6.2 Future trends in demand for vanadium

7. Use of vanadium in steel

• 7.1 Strengthening mechanisms for steel
• 7.2 Use of vanadium in high-strength low-alloy steels
  • 7.2.1 Types of HSLA steel
  • 7.2.2 Markets for HSLA steels
    • 7.2.2.1 Oil and gas industry
    • 7.2.2.2 Transport industry
    • 7.2.2.3 Pressure vessels
    • 7.2.2.4 Reinforcing bars
    • 7.2.2.5 Structural applications
  • 7.2.3 Production of high-strength steels
• 7.3 Use of vanadium in full alloy steels
  • 7.3.1 Types of full alloy steel
  • 7.3.2 Production of full alloy steels
• 7.4 Use of vanadium in tool steels
  • 7.4.1 Types of tool steel
  • 7.4.2 Production of tool steels
• 7.5 Use of vanadium in carbon steels
  • 7.5.1 Types of carbon steel
  • 7.5.2 Production of carbon steel
• 7.6 Use of vanadium in stainless steel
  • 7.6.1 Types of stainless steel
  • 7.6.2 Production of stainless steel
• 7.7 Use of vanadium in cast iron
• 7.8 Trends in demand for vanadium in steel

8. Use of vanadium in non-ferrous alloys

• 8.1 Use of vanadium in titanium alloys
• 8.2 Use of vanadium in superalloys
• 8.3 Use of vanadium in magnetic alloys
• 8.4 Use of vanadium in other non-ferrous alloys
• 8.5 Trends in demand for vanadium in non-ferrous alloys

9. Use of vanadium in chemical applications

• 9.1 Use of vanadium in catalysts
  • 9.1.1 Sulphuric acid production
  • 9.1.2 Monomer production
  • 9.1.3 Synthetic rubber production
  • 9.1.4 Flue gas desulphurisation and denitrification
  • 9.1.5 Hydrogen sulphide removal
  • 9.1.6 FCC catalysts
  • 9.1.7 Other catalytic uses
• 9.2 Use of vanadium in batteries
  • 9.2.1 Vanadium redox batteries
  • 9.2.2 Producers of vanadium redox batteries
  • 9.2.3 Lithium-metal polymer batteries
• 9.3 Use of vanadium in corrosion inhibitors
• 9.4 Use of vanadium in medicine and pharmaceuticals
• 9.5 Use of vanadium in dyes
• 9.6 Use of vanadium in phosphors
• 9.7 Use of vanadium in glass and ceramics
• 9.8 Use of vanadium in conversion coatings
• 9.9 Future trends in demand for vanadium in chemical applications

10. International trade in vanadium

• 10.1 Trade in vanadium ash, residues and slag
• 10.2 Trade in vanadium pentoxide
• 10.3 Trade in ferro-vanadium
• 10.4 Trade in vanadium metal

11. Prices of vanadium

• 11.1 Historical price trends for vanadium
• 11.2 Outlook for vanadium prices

List of Tables

• Table 1: Properties of vanadium
• Table 2: World: Vanadium reserves and reserve base, 2005
• Table 3: Specifications for ferro-vanadium produced by Stratcor
• Table 4: Specifications for NitrovanR Vanadium produced by Stratcor
• Table 5: World: Producers of vanadium by raw material source
• Table 6: World: Production of vanadium by country, 2003-2005
• Table 7: World: Production of vanadium by region, 2003-2005
• Table 8: World: Production of primary vanadium by country, 1998-2005
• Table 9: World: Estimated production of ferro-vanadium by country, 1998-2005
• Table 10: World: Leading producers of vanadium, 2006
• Table 11: World: Estimated increase in vanadium production by area, 2006
• Table 12: World: Expansion plans for vanadium planned or under consideration,
• Table 13: Australia: Production and exports of vanadium, 2000-2003
• Table 14: Australia: Resources of vanadium, 2002-2005
• Table 15: Precious Metals Australia: Resources of vanadium, mid-2006
• Table 16: Xstrata: Production of vanadium pentoxide, 2000-2003
• Table 17: Advantages of the Windimurra vanadium operation
• Table 18: Reed Resources: Resources of vanadium at Barrambie deposit, 2006
• Table 19: Summit Resources: Assay of uranium deposits
• Table 20: Treibacher: Estimated production of ferro-vanadium, 1998-2005
• Table 21: Hochvanadium: Production of ferro-vanadium, 2001-2006
• Table 22: Belgium: Production of ferro-vanadium and vanadium imports, 1998-2005
• Table 23: China: Production of vanadium, 1998-2006
• Table 24: China: Producers of vanadium
• Table 25: Chengde Xinxin: Vanadium product range
• Table 26: Panzhihua New Steel & Vanadium: Production capacity for vanadium,
• Table 27: Panzhihua New Steel & Vanadium: Production of vanadium, 1999, 2001,
• Table 28: Panzhihua New Steel & Vanadium: Specifications for vanadium pentoxide
• Table 29: Panzhihua New Steel & Vanadium: Specifications for ferro-vanadium
• Table 30: Panzhihua New Steel & Vanadium: Specifications for nitrided vanadium
• Table 31: China: Trade in vanadium, 1998-2006
• Table 32: Nikom: Production of ferro-vanadium, 2000-2006
• Table 33: Metaux Speciaux: Specifications for vanadium catalysts
• Table 34: GfE Metalle und Materialien: Vanadium product range
• Table 35: India: Reserves of vanadium by state
• Table 36: India: Production of vanadium-bearing sludge by company,
• Table 37: India: Production and imports of ferro-vanadium, 1998/99-2004/05
• Table 38: Japan: Production of ferro-vanadium, 1998-2004
• Table 39: Japan: Imports of vanadium by product, 2001-2006
• Table 40: Shinko Chemical: Vanadium product range
• Table 41: Mexico: Exports of vanadium-bearing ash and residues, 1998-2005
• Table 42: Netherlands: Trade in vanadium, 1998-2005
• Table 43: Russia: Deposits of vanadium
• Table 44: Russia: Production of vanadium-bearing ores and concentrates by
• Table 45: Russia: Reserves in Sredniaya Padma deposit
• Table 46: NTMK: Production of vanadium slag, 2001-2004
• Table 47: Russia: Production and exports of vanadium pentoxide and
• Table 48: Russia: Specifications for ferro-vanadium
• Table 49: Russia: Production of vanadium pentoxide by producer, 1998-2004
• Table 50: Russia: Production of ferro-vanadium by producer, 1998-2005
• Table 51: ChMZ: Exports of ferro-vanadium by country of destination, 2000-2005
• Table 52: Evraz: Worldwide vanadium interests
• Table 53: JSC Uralredmet: Imports of vanadium pentoxide by country of origin,
• Table 54: JSC Uralredmet: Exports of vanadium metal by country of destination,
• Table 55: Vanady Tula: Exports of vanadium pentoxide by country of destination,
• Table 56: Vanady Tula: Exports of ferro-vanadium by country of destination,
• Table 57: JSC VSMPO: Imports of vanadium-aluminium masteralloys by country of origin, 2000-2005
• Table 58: South Africa: Production of ferro-vanadium, 1998-2005
• Table 59: South Africa: Production and sales of vanadium, 1995-2005
• Table 60: South Africa: Production of vanadium by producer, 2003-2005
• Table 61: Highveld Steel and Vanadium: Production of vanadium, 1996-2006
• Table 62: Highveld Steel and Vanadium: Reserves of vanadium
• Table 63: Highveld Steel and Vanadium: Production of vanadium slag, 2001-2006
• Table 64: Highveld Steel and Vanadium: Production of ferro-vanadium by
• Table 65: Vanchem: Vanadium product range
• Table 66: Vametco Minerals: Specifications for NitrovanR Vanadium
• Table 67: Xstrata: Saleable production of vanadium in South Africa, 2001-2006
• Table 68: Rhovan: Reserves of vanadium, year-end 2004
• Table 69: South Africa: Exports of vanadium by country of destination, 2001-2005
• Table 70: Leninabadsky Rare Metals Plant: Vanadium product range
• Table 71: Tajikistan: Exports of vanadium products to Russia, 1995-2002
• Table 72: Ukraine: Imports of vanadium, 2002-2005
• Table 73: USA: Producers of vanadium
• Table 74: Strategic Minerals: Production capacity for vanadium by operation, 2006
• Table 75: Strategic Minerals: Vanadium product range
• Table 76: USA: Imports of vanadium by country of origin, 2002-2006
• Table 77: USA: Imports of vanadium raw materials, 2002-2006
• Table 78: USA: Tariffs on vanadium imports
• Table 79: World: Estimated market balance for vanadium, 2003-2006
• Table 80: World: Consumption of vanadium by region, 2003-2006
• Table 81: Selected countries: Consumption of ferro-vanadium, 2000-2005
• Table 82: USA: Consumption of vanadium by end-use, 1998-2006
• Table 83: USA: Consumption of vanadium by form, 1998-2005
• Table 84: World: Forecast demand for steel by region, 2005-2015
• Table 85: World: Forecast consumption of vanadium by end-use, 2010
• Table 86: Principal precipitation hardening mechanisms for steel
• Table 87: Effects of niobium and vanadium additions on yield strength
• Table 88: Effects of alloying additions in HSLA steels
• Table 89: Alloying additions and properties of ASTM grades of HSLA steels
• Table 90: Typical composition of dual-phase steel
• Table 91: World: Planned pipeline construction by area
• Table 92: World: Pipeline construction by size and area, 2006
• Table 93: Applications for HSLA steels in automobiles
• Table 94: World: Production of automobiles by country, 1998-2005
• Table 95: Comparison of properties of high-strength and advanced high-strength
• Table 96: Composition of typical structural steels
• Table 97: Composition and properties of Vasco 9-430
• Table 98: Composition of a typical rail steel
• Table 99: Selected countries: Production of alloy steels, 1999-2005
• Table 100: Composition of high-speed steels containing vanadium produced by
• Table 101: Composition of cold work tool steels containing vanadium produced
• Table 102: Composition of hot work tool steels containing vanadium produced by
• Table 103: Selected countries: Production of tool and high-speed steels,
• Table 104: World: Production of crude steel by country, 2000-2006
• Table 105: World: Leading producers of crude steel, 2005
• Table 106: Composition of stainless steels containing vanadium produced by
• Table 107: World: Production of stainless steel by region, 2002-2006
• Table 108: World: Leading producers of stainless steel, 2003-2005
• Table 109: World: Estimated consumption of vanadium in steel by type, 2005
• Table 110: Selected countries: Consumption of ferro-vanadium in steel, 2000-2005
• Table 111: USA: Consumption of vanadium in steel by type, 2000-2006
• Table 112: Composition of vanadium-aluminium masteralloys produced by Stratcor
• Table 113: Comparison of strength of aerospace materials
• Table 114: Properties of TIMETAL vanadium-bearing titanium alloys produced
• Table 115: Properties of AllvacR vanadium-bearing titanium alloys produced by
• Table 116: USA: Consumption of vanadium in superalloys, 2000-2006
• Table 117: Composition of magnetic alloys containing vanadium
• Table 118: World: Forecast deliveries of large aircraft by producer, 1996-2025
• Table 119: Comparison of engine weights
• Table 120: World: Forecast deliveries of aeroengines by producer, 2006-2025
• Table 121: USA: Consumption of vanadium in chemical applications, 2001-2006
• Table 122: Applications for vanadium chemicals
• Table 123: Applications for vanadium chemicals
• Table 124: Applications for catalysts containing vanadium produced by BASF
• Table 125: Japan: Consumption of vanadium in catalysts, 2000-2006
• Table 126: China: Production capacity for vanadium catalysts by producer, 2006
• Table 127: World: Forecast production of sulphuric acid by source, 2004-2014
• Table 128: Catalysts for EPDM production produced by Stratcor
• Table 129: Properties of vanadium catalysts for flue gas purification
• Table 130: Properties of vanadium redox battery energy storage systems
• Table 131: VRB-ESS projects and installations
• Table 132: Properties of electric vehicle batteries
• Table 133: Gas absorption processes for carbon dioxide removal
• Table 134: World: Trade in vanadium oxides and hydroxides by country,
• Table 135: World: Exports of vanadium oxides and hydroxides recorded by
• Table 136: World: Imports of vanadium oxides and hydroxides recorded by
• Table 137: World: Trade in ferro-vanadium by country, 2001-2005
• Table 138: World: Exports of ferro-vanadium recorded by leading exporting
• Table 139: World: Imports of ferro-vanadium recorded by leading importing
• Table 140: USA: Exports of aluminium-vanadium masteralloys by country of
• Table 141: World: Exports of vanadium metal, powder and scrap recorded by
• Table 142: World: Imports of vanadium metal, powder and scrap recorded by
• Table 143: Average vanadium prices, 1995-2005
• Table 144: Highveld Steel and Vanadium: Weighted average vanadium sales
• Table 145: Russia: Average values of vanadium exports, 1995-2005
• Table 146: European prices of 98% vanadium pentoxide, 1997-2006
• Table 147: European prices of 70-80% ferro-vanadium, major European
• Table 148: US free market prices of 98% vanadium pentoxide, 1992-2006
• Table 149: US free market prices of 70-80% ferro-vanadium, 1992-2006
• Table 150: US free market prices of 70-80% ferro-vanadium, Pittsburgh

List of Figures

• Figure 1: Process flowsheet for vanadium
• Figure 2: World: Production of vanadium by source, 2005
• Figure 3: Flowsheet for vanadium production
• Figure 4: Flowsheet for vanadium pentoxide production by Highveld Steel and
• Figure 5: Flowsheet for vanadium recovery from secondary raw materials by
• Figure 6: Production costs for vanadium pentoxide and ferro-vanadium by
• Figure 7: World: Vanadium production by raw material source, 2005
• Figure 8: World: Estimated vanadium production by country, 2005
• Figure 9: World: Capacity utilisation rates for vanadium production by raw material
• Figure 10: World: Concentration of vanadium production by producer, 2005
• Figure 11: JSC ChMZ: Production of ferro-vanadium, 1998-2005
• Figure 12: Vanady Tula: Production of vanadium pentoxide and ferro-vanadium,
• Figure 13: South Africa: Sales of vanadium, 1995-2005
• Figure 14: Highveld Steel and Vanadium: Flowsheet for vanadium slag
• Figure 15: Vanchem: Process flowsheet
• Figure 16: Vanchem: Sales and prices of vanadium pentoxide, 1996-2005
• Figure 17: Vanchem: Sales and prices of ferro-vanadium and ferro-vanadium
• Figure 18: Rhovan: Production of vanadium, 2001-2005
• Figure 19: World: Consumption of vanadium and crude steel production, 1992-2005
• Figure 20: World: Estimated market balance for vanadium, 2003-2006
• Figure 21: World: Consumption of vanadium by country, 2005
• Figure 22: World: Consumption of vanadium in steel by type, 2005
• Figure 23: World: Production of automobiles by leading producer, 2005
• Figure 24: USA: Growth in consumption of advanced high-strength steels in automobiles, 1995-2015
• Figure 25: World: Estimated production of HSLA steels by region, 2002
• Figure 26: World: Production of crude steel by leading producing country, 2005
• Figure 27: World: Leading producers of crude steel, 1999, 2002 and 2005
• Figure 28: Average annual prices of niobium and vanadium, 1998-2005
• Figure 29: USA: Consumption of vanadium in steel by type, 2005
• Figure 30: World: Deliveries of large jet aircraft, 2006-2025
• Figure 31: World: New airplane deliveries by size and geographical area,
• Figure 32: World: Development of the aircraft fleet by area, 2006 and 2025
• Figure 33: World: Demand for maleic anhydride by region, 2004
• Figure 34: World: Demand for maleic anhydride by end-use, 2004
• Figure 35: World: Demand for EPDM by end-use, 2004
• Figure 36: World: Production capacity for EPM/EPDM by country, 2004
• Figure 37: Average annual European prices of vanadium, 1988-2006
• Figure 38: Highveld Steel and Vanadium: Weighted average steel and
• Figure 39: European monthly average prices of vanadium pentoxide, 1997-2006
• Figure 40: European monthly average prices of ferro-vanadium, 1997-2006