VANADIUM

Vanadium is extracted from vanadiferous ores, slags and residues, and converted into vanadium pentoxide (V2O5) or vanadium trioxide (V2O3). Most V2O5 and V2O3 are then converted into ferrovanadium (FeV). In 2023, a majority of the world’s supply of vanadium was derived either from vanadiferous titanomagnetite (VTM) mineral concentrates or from steelmaking slags, where the steel is produced from VTM. Production Industry convention for describing vanadium production usually applies the following terms, according to the raw-material source for production: primary production (occurs from mined ore as mineral concentrates from VTM and sandstonehosted vanadium); joint production (from vanadium slags produced during steelmaking); and secondary production (from residues, industrial waste materials and spent catalysts). The United States did not produce any primary vanadium in 2023. Vanadium production in Utah from the mining of uraniferous sandstones on the Colorado Plateau ceased in early 2020 and has not restarted since. The United States continued to be a major producer of vanadium products from secondary sources such as spent catalysts, ashes and petroleum residues. Secondary vanadium production continued in the United States, where processed waste materials were used to produce FeV, a variety of vanadium-bearing chemicals or specialty alloys, and V2O5. In 2023, the vanadium-producing nations (from ore, concentrate and slag) included China (66 percent), Russia (19 percent), South Africa (9 percent) and Brazil (6 percent). Combined, they produced an estimated total of 104 kt of contained vanadium, slightly more than in 2022. Energy Fuels Inc.’s White Mesa Mill (operated by EFR White Mesa LLC), near Blanding, UT, had the only vanadium coproduct recovery circuit in the United States. However, Energy Fuels has not recovered vanadium from its existing tailings pond solutions since 2020. In the first quarter of 2023, Energy Fuels sold 36 t of V2O5 (as finished product, FeV) from its existing inventory and as of yearend 2023, Energy Fuels had approximately 410 t of V2O5 as finished goods inventory and an estimated 450 to 1,400 t of V2O5 in its tailings solution, which was available for future recovery. No vanadium production was planned for 2024, although the company continually monitors its inventory and the vanadium market to guide future potential production. Consumption Vanadium’s primary use is as a hardening agent in steel, in which it is critical for imparting strength, toughness and wear resistance. These properties are especially important in high-strength, low-alloy (HSLA) steels, particularly for products in the construction industry and in tool steel. A smaller but essential use is in titanium aerospace alloys, for both commercial and military aircraft. Nonmetallurgical applications include catalysts, ceramics, electronics, large-scale energy storage and vanadium chemicals. Catalysts are the leading nonmetallurgical use for vanadium. Large-scale energy storage systems are growing in use owing to the increase in energy production by renewable energy sources. Vanadium redox flow batteries (VRFBs) have almost unlimited energy storage capacity, zero emissions, very long cycle lives, and can remain unused for long periods of time without negative effects. These advantages have made VRFBs a beneficial solution in different energy management strategy scenarios. Prices In 2023, according to Argus Metals International, the average Chinese vanadium pentoxide price (98 percent V2O5) was $7.497/lb of contained vanadium, a 19 percent decrease compared with $9.285/lb in 2022. The annual average U.S. ferrovanadium price (78 to 82 percent V) decreased by 27 percent to $16.417/lb of contained vanadium in 2023 compared with $22.563/ lb in 2022. Foreign trade The United States continued to be a net importer of many vanadium materials in 2023. According to the U.S. Census Bureau, the United States imported (measured in vanadium content) 2.28 kt of FeV, 2.32 kt of V2O5 and 151 t of other oxides and hydroxides of vanadium. Total imports for consumption of all vanadium-bearing materials increased by 13 percent from 2022. In 2023, the United States exported (measured in vanadium content) 151 t of FeV, 28 t of V2O5 and 136 t of other oxides and hydroxides of vanadium. Total exports of all vanadium-bearing materials decreased by 31 percent from 2022. Outlook The majority of vanadium is consumed in the production of steel. Therefore, consumption trends are greatly influenced by trends in steel production and the range of steel grades that contain vanadium has continued to increase. The outlook for vanadium consumption in nonferrous alloys is largely dependent on trends in demand for titanium alloys in business, commercial and military aircraft. As worldwide environmental regulations continue to become more stringent on fuels and environmental waste, recovery of elements including vanadium from spent catalysts and fossil-fuel residues is expected to increase. The global focus on decarbonization continues to influence consumption of vanadium in the global steel industry. The consumption of HSLA steels continues to grow as the construction industry looks to significantly reduce the amount of steel required in its overall infrastructure projects, and therefore carbon emissions, while improving weight and strength. Although the vanadium market is dominated by the consumption of the steel industry, VRFBs have been widely deployed for large-scale energy storage systems. Many countries continue to strive to meet renewable energy targets, and VRFB storage is a potential solution with VRFB commercialization. However, the batteries have several barriers that still need to be overcome: the high cost of the electrolyte used in them, the system complexity of the batteries, and the lack of uniform standards. New battery chemistries are being proposed that use lower-cost and higher-abundance materials; however, many are at earlier stages of research compared with the VRFBs. References U.S. Geological Survey, 2024, Mineral Commodity Summaries 2024—Vanadium: U.S. Geological Survey, p. 192–193, https://pubs.usgs.gov/publication/mcs2024. Energy Fuels Inc., 2024, Form 10–K—2024: U.S. Securities and Exchange Commission, 202 p. (Accessed March 11, 2024, at https://www.energyfuels.com/download/EFR+2023.12.31+10-K_FILED+INCLUDES+EXHIBITS.pdf). Gunjan, P., Chavez, M., and Power, D., 2022, Vanadium redox flow batteries—identifying market opportunities and enablers: McLean, VA, Guidehouse Insights white paper, 20 p. (Accessed March 15, 2024, at https://vanitec.org/images/uploads/Guidehouse_Insights-Vanadium_Redox_Flow_Batteries.pdf).

VANADIUM

Authored by:
Desiree E. Polyak

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