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Top Vanadium Producer Sees Demand Rising After Prices Slump

  • Evraz said steelmakers returning to vanadium as price fell
  • Battery consumption is also recovering, Russian company says
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Evraz Plc, the world’s largest vanadium producer outside China, said steelmakers are boosting their use of the metal again after it slumped as much as 75% this year.

Vanadium, used to strengthen steel, peaked at more than $120 per kilogram at the end of 2018 after No. 1 consumer China implemented new construction standards, stipulating the use of such toughened alloys in houses and infrastructure. Prices of the metal plunged this year as steelmakers partially substituted it with alternatives, such as niobium and titanium.