vanadium … not so “minor” for titanium€¦ · 2010 by country china – 44% north america–...
TRANSCRIPT
![Page 1: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/1.jpg)
01
Vanadium … Not So “Minor”
for Titanium
![Page 2: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/2.jpg)
Vanadium
• Gray, Ductile Metal when Pure
Naturally Occurring as Oxide
22nd Most Abundant Metal
on the Earth
Category: Transition Metal
![Page 3: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/3.jpg)
Vanadium
• Sources
Production
Consumption
Processes
The Future
![Page 4: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/4.jpg)
Vanadium Sources 2010 Capacity
Primary (Ore) –
23%
Secondary – 77%
![Page 5: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/5.jpg)
Vanadium Sources 2010 Capacity
Primary (Ore) –
23%
Steelmaking Slag – 45%
![Page 6: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/6.jpg)
Vanadium Sources 2010 Capacity
Ore – 23% Oil & Coal
Residues –
15%
![Page 7: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/7.jpg)
Vanadium Sources 2010 Capacity
Ore – 23% Spent Catalysts – 13%
![Page 8: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/8.jpg)
Vanadium Sources 2010 Capacity
Ore – 23% Uranium
By-Product – 4%
![Page 9: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/9.jpg)
0
40
80
120
160
Vanadium Capacity Utilization 2010
Steel Vanadium Oil &Coal Spent Uranium Slag Ore Residues Catalysts By-Products
Millio
ns
of
Lb
s. o
f V
2O
5
Capacity Utilization
87%
83%
83% 85%
19%
Capacity (342 mm)
Production 284 mm)
![Page 10: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/10.jpg)
Vanadium Production 2010 by Country
China – 52%
![Page 11: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/11.jpg)
Vanadium Production 2010 by Country
China – 52%
South Africa– 24%
![Page 12: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/12.jpg)
Vanadium Production 2010 by Country
China – 52%
South Africa– 24%
Russia – 10%
U.S.A. – 9%
Others – 5%
![Page 13: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/13.jpg)
Vanadium Consumption 2010 by Country
China – 44%
North America– 14%
Other Asia – 15%
Russia, Others – 16%
Western Europe – 11%
![Page 14: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/14.jpg)
Vanadium Production vs. Consumption M
illio
ns
of
Lb
s. o
f V
2O
5
130
150
170
190
210
230
250
270
290
310
1998 2000 2002 2004 2006 2008 2010
Vanadium Production
Vanadium Consumption
Global 12-Month Moving Average
Annual Rates Through August 2011
Source: Evraz Stratcor, Inc.
![Page 15: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/15.jpg)
Vanadium Consumers
• Steelmaking: 93%
Improves Strength
Improves Wear Resistance
2010 by Industry
![Page 16: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/16.jpg)
Vanadium Consumers
• Steelmaking: 93%
Ferrovanadium
2010 by Industry
![Page 17: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/17.jpg)
125
150
175
200
225
250
275
300
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
Worldwide Steel Production vs. Worldwide Vanadium Consumption
1998 2000 2002 2004 2006 2008 2010
Steel Production
Vanadium Consumption
Global 12-Month Moving Average
Annual Rates Through August 2011
Millio
ns o
f Lb
s. o
f V2 O
5 per Y
ear
Mil
lio
ns o
f M
etr
ic T
on
s o
f S
teel p
er
Year
Source: Evraz Stratcor, Inc.
![Page 18: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/18.jpg)
Vanadium Consumers
• Chemical: 4%
2010 by Industry
Catalysts, Rubber, Batteries, Pollution Control
![Page 19: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/19.jpg)
Vanadium Consumers
• Chemical: 4%
2010 by Industry
Vanadium Chemicals
![Page 20: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/20.jpg)
Vanadium Consumers
• Titanium: 3%
2010 by Industry
Increases Strength in Aerospace Applications
![Page 21: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/21.jpg)
Vanadium Consumers
• Titanium: 3%
2010 by Industry
Vanadium- Aluminum
![Page 22: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/22.jpg)
Worldwide Steel vs. Titanium Production
0
300
600
900
1,200
1,500
1 2 3 4 5 6 7 8 9 10
Steel
Titanium
2001 2003 2005 2007 2009
Millio
ns
of
Me
tric
To
ns
pe
r Y
ea
r
Source: Evraz Stratcor, Inc.
![Page 23: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/23.jpg)
50
75
100
125
0
300
600
900
1,200
1,500
1 2 3 4 5 6 7 8 9 10
Worldwide Steel vs. Titanium Production
Steel
Titanium
2001 2003 2005 2007 2009
Millio
ns
of
Me
tric
To
ns
of
Ste
el p
er
Ye
ar
Source: Evraz Stratcor, Inc.
Millio
ns o
f Metric
To
ns o
f Tita
niu
m p
er Y
ear
![Page 24: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/24.jpg)
• Audited for Quality
• No W, Mo, Cb
Strict Quality Standards
Vanadium in Titanium
• >99% Pure Vanadium Oxide
![Page 25: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/25.jpg)
• Capacity
• Producer Limitations:
Limitations of Titanium Market
Half Dozen Qualified Producers Globally
• Feedstocks
![Page 26: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/26.jpg)
Limitations of Titanium Market
Tightly Controlled Process
Stringent Quality Standards
Dedicated Production Required
Frequent, Vigorous Audits
![Page 27: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/27.jpg)
Vanadium-Aluminum Production
![Page 28: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/28.jpg)
Vanadium
• The Future?
![Page 29: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/29.jpg)
Vanadium Outlook
Highly Dependent on Steel Industry
Steel Demand Driven by China
New Construction Code Mandates
High-Vanadium Grade 3 and 4
Rebar
![Page 30: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/30.jpg)
Vanadium Outlook
Growing Use in Titanium Applications
Long Term: Balanced Supply / Demand
![Page 31: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/31.jpg)
50
70
90
110
130
1 2 3 4 5 6 7 8 9
Projected Growth in Vanadium Demand
2007 2009 2011 2013 2015
Th
ou
san
ds o
f M
etr
ic T
on
s o
f V
an
ad
ium
per
Year
Source: TTP Squared
![Page 32: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/32.jpg)
Batteries – Future Wild Card
Two Promising Technologies:
Vanadium Flow Redox Battery (VRB) -- For Power Grid Load Leveling
Lithium Vanadium Phosphate Battery -- For Automotive Applications
Could Require as Much as 15% of Total Vanadium Demand by 2015
![Page 33: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/33.jpg)
0
3,000
6,000
9,000
12,000
15,000
1 2 3 4 5 6 7 8
Vanadium Consumption in Batteries
Grid
Mobile
2007 2009 2011 2013
Me
tric
To
ns
of
Va
na
diu
m p
er
Ye
ar
Source: Byron Capital Markets
![Page 34: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/34.jpg)
New Vanadium Projects
Panzizhua, China
• Capacity: 10,000 Tons V per Year
• Due: Late 2011 / Early 2012
• All for Ferrovanadium
• Source: Steelmaking Slag
![Page 35: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/35.jpg)
New Vanadium Projects
Windimurra, Australia
• Capacity: 6,300 Tons V per Year
• Due: Late 2011 / Early 2012
• Mainly for Ferrovanadium
• Some for Titanium
• Source: Vanadium Ore
![Page 36: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/36.jpg)
New Vanadium Projects
Marcas Project, Brazil
• Capacity: 3,000 Tons V per Year
• Due: 2013
• Mainly for Ferrovanadium
• Source: Vanadium Ore
![Page 37: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/37.jpg)
New Vanadium Projects
Evraz Stratcor, United States
• Expansion: 3,000 Tons V per Year
• Due: Early 2013
• Mainly for Titanium, Chemicals
• Further Expansion in 2014
• Source: Steelmaking Slag
![Page 38: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/38.jpg)
Summary
Plentiful Vanadium Availability but
Most Will Be Used in Ferrovanadium
Additional Vanadium for Titanium Limited
Due to Purity and Quality Requirements
Only Small Amount of Vanadium from
New Projects Will Be Suitable for
Titanium
![Page 39: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/39.jpg)
Summary
Vanadium Supply / Consumption
Should Be Balanced;
Possible Price Volatility
Wild Card: Vanadium Storage Batteries
Could Significantly Impact Market
![Page 40: Vanadium … Not So “Minor” for Titanium€¦ · 2010 by Country China – 44% North America– 14% Other Asia – 15% Russia, Others – 16% Western Europe – 11%. Vanadium](https://reader031.vdocuments.us/reader031/viewer/2022011908/5f56244e7882fd610e287803/html5/thumbnails/40.jpg)
Thank you!