Category II · Industrial & base metals
Vanadium.
Used in high-strength steel rebar and increasingly in vanadium redox-flow batteries (VRFBs) for grid storage.
Benchmark
FeV80 EU warehouse
Unit
US$ / kg V
Current price · 3-mo forward avg
US$ 25 / kg V
Apr — Jul 2026 (forward 3-mo avg)
Used in high-strength steel rebar and increasingly in vanadium redox-flow batteries (VRFBs) for grid storage.
Price · FeV80 EU warehouse
2016 — 2035
Solid line: historical annual averages. Dashed line: forward projections (consensus).
Top 5 producing countries
- 01
China
62%
Vanadium-titanomagnetite from Panzhihua
- 02
Russia
18%
EVRAZ; Kachkanar magnetite
- 03
South Africa
10%
World's largest known reserves (Bushveld)
- 04
Brazil
8%
Largo Resources — Maracás Menchen
- 05
United States
<1%
Trace; via secondary sources
Leading companies
- 01
Pangang (China)
Largest single vanadium producer
- 02
EVRAZ
Russian / SA (Vametco) integrated producer
- 03
Bushveld Minerals
Pure-play SA primary producer
- 04
Largo Resources
Brazilian primary producer + battery business
- 05
Glencore
Co-product output via SA chrome operations
Of note
- §
South Africa hosts the world's largest known primary vanadium reserves (Bushveld Complex magnetite layers).
- §
VRFB grid-storage demand expected to grow 8–12× by 2035 — driven by long-duration storage needs.
- §
~85% of current demand remains steel rebar (HSLA); battery is the growth-end usage.
Sources
USGS Mineral Commodity Summaries 2024 · Vanitec, World Bank CMO. Curated quarterly. Forward projections are consensus indications and are not a guarantee of future prices.