Ferrovanadium is an alloy of iron and vanadium which is mainly used as a composition of steel to enhance tensile strength and corrosion resistance. Depending on applications of the various products, ferrovanadium contains 35% to 85% of vanadium. Regionally, China is expected to dominate the global market for ferrovanadium as it is the world’s top vanadium producer.
Vanadium is usually mined as a byproduct and not as a primary mineral. It is found within magnetite iron ore deposits. Although China is the leading producer of vanadium, the production has reduced from 45,000 MT to 43,000 MT in the recent years. Some vanadium producers in this region have shut down due to certain environmental standards, thus affecting the market of ferrovanadium. Several vanadium mines have also been closed in South Africa creating a shortage in vanadium supply and fluctuation in the price of ferrovanadium.
Apart from China, main vanadium-producing countries include Russia, South Africa, Brazil, and USA, contributing to the large production of ferrovanadium. EVRAZ’s Vanady Tula mine in Russia is the largest European producer of ferrovanadium alloys. Western Europe accounts for a revenue share of around 17.2% in the global ferrovanadium market and is expected to grow at the rate of 4.3% in the next decade.
On the other hand, there has been an additional demand for ferrovanadium in China as the Chinese government has revised certain standards for increasing the tensile strength of reinforcing steel products. Such steels are capable of reducing catastrophic effect in earthquake prone areas. In North America, there are no vanadium reserves and depend completely on recycling and imports of vanadium. The United States imported around 13.5 tons of ferrovanadium between 2013 and 2017.
Owing to its wide application in various infrastructural and automotive industries, the global demand for ferrovanadium is expected to grow gradually. There has been certain approaches for companies to develop new vanadium deposits in North America to produce ferrovanadium that will enhance its applications on wider scale. Such developments will also reduce the price for both ferrovanadium producers and consumers, and increase its supply for various use. As the U.S. is the highest producer of high strength, low alloy steels, the demand for ferrovanadium continues to be optimistic in this region. The key market players of are either manufacturers for both ferrovanadium and steel or manufacturers of vanadium which provide ferrovanadium.
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