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New vanadium added steel rebar standards to take effect in China-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
10/31/2018 緊固件展-緊固件采購會-fastener expo |
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Lorna Nicholas wrote in Small Caps that as China’s November deadline to incorporate more vanadium in its steel rebar takes effect tomorrow, vanadium investors are left wondering the impact this will have on the commodity, which is already experiencing a tight market that has driven its price up more than 840% in the last two years. China’s Standardization Administration announced the new high strength rebar standard back in February this year, saying it would officially come into effect on 1 November 2018. Under the new standard, 0.03% vanadium will be incorporated in grade three steel, with this amount increasing with each grade to require more than 0.1% in grade five rebar.
Vanadium organization Vanitec’s John Hilbert said the new standard is a positive development towards boosting vanadium consumption world-wide. He said “Vanadium is the most common addition for high strength rebar, because it offers the best combination of high strength, good ductility, bendability, weldability and reduced sensitivity to strain aging. Additionally, when incorporated in the steel rebar, vanadium can be used in economical hot rolling practices.”
This rapid vanadium growth is expected to continue, propelled by China’s new steel rebar standards and the fact that many Chinese-based steel manufacturers are believed to be short of vanadium.
A commonly traded vanadium product is 98% pure vanadium pentoxide. Since the start of 2017, the price for this product has risen from around USD 3.50 per pound to its current value of more than USD 33/lb – equating to a hike of more than 800%. Ferrovanadium, which is another traded vanadium product has grown from an average of USD 33 per kilogram in 2017 to push past USD 100/kg in September.
With tighter environmental regulations, new rebar steel standards, lack of imminent vanadium supply in the pipeline, and a booming steel sector, vanadium consumption would continue to grow creating even more constricted market conditions.
Analysts such as Roskill are predicting vanadium consumption will reach around 133,000 tonnes per annum by 2025 and this estimate doesn’t take into account the mounting demand for the commodity in redox flow batteries. In 2017, about 90% of vanadium was swallowed up by the steel industry, with the redox flow battery market accounting for a mere 2% of vanadium production. However, vanadium consumption in redox flow batteries is predicted to soar to 20% of global production by 2030 as the sustainable energy revolution surges ahead.
緊固件展-2019第二十屆廣州國際緊固件及設備展覽會-巨浪展覽
-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
- Fastener exhibition,2019 Fastener exhibition, China Fastener exhibition, Guangzhou Fastener exhibition, 2019 Fastener expo, China Fastener expo, Guangzhou Fastener expo
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