Vanadium Price
Strategic Metal
HSLA steel strengthener (~88% of demand), Ti-6Al-4V aerospace alloy (no substitute), and VRFB grid-scale energy storage (fastest-growing segment). Not under Chinese export controls despite 70% production share.
Last update: 2026-03-30
16 records
16 records
Retail Reference
$402/kg
Metal 99.9% (3N)
· 1.0 kg
Metallos.de
· DE
· 2026-03
Retail Premium: 33.5×
Bulk Benchmark
$12/kg
Oxide 98%
Fastmarkets (Rotterdam)
· In-warehouse
· 2026-03
Applications
| Application | Role | Significance |
|---|---|---|
| HSLA and rebar steel | 0.01–0.5% V as grain-refining micro-alloy; increases yield strength by 70–100 MPa per 0.1% V | ~85–90% of global V demand. China’s Sep 2024 rebar standards expected to add 8,000–18,000 t annual demand [1][2] |
| Ti-6Al-4V aerospace alloy | 4% V stabilises alpha+beta phase; improves strength-to-weight ratio | Single most important titanium alloy. No substitute for vanadium — critical defence material [3][4] |
| VRFB energy storage | V2+/V3+ and V4+/V5+ electrolyte pairs in sulfuric acid; power and energy independently scalable | Fastest-growing segment: 1.8% of V demand (2018–2021) → 7.2% (H1 2023) → projected 17% by 2033. ~15,000 t in batteries globally in 2025 [5][6][7] |
| Chemical catalysts | V₂O₅ in the contact process (sulfuric acid production) and maleic anhydride synthesis | 3–5% of demand; no practical substitute at industrial scale [3] |
| Advanced alloys & superconductors | V-4Cr-4Ti fusion blanket material; V₃Ga superconductors; coloured glass and ceramics | 2–3% of demand. Long-term strategic for nuclear fusion programmes [3] |
Market & Supply
Global mine production (2024)
~100,000 t V content [3]
China production share
70% (70,000 t) [3]
Russia (EVRAZ)
21% (21,000 t) [3]
US primary production
Zero — last mine closed 2020; 8,200 t secondary recovery [3]
V₂O₅ 98%, Europe (Rotterdam)
$5.43/lb ($11.97/kg), Mar 2026 [8]
FeV80, Europe
$24.35/kg, Mar 2026 [8]
Pure V metal wholesale (CN)
$580–605/kg (99.9% granules) [9]
Pure V metal retail (DE)
$402/kg (Metallos.de, 1 kg, 99.9%) [10]
Price history
| Year | V₂O₅ ($/lb) | FeV ($/lb) | Driver |
|---|---|---|---|
| 2016 | ~3.50 | ~6 | Multi-year lows |
| 2018 (peak) | 33.10 | ~65 | China rebar standards + speculative hoarding; 840% rally [11][12] |
| 2019 | ~7.00 | ~20 | Crash — ferroniobium substitution, supply response |
| 2020 | 6.47 | — | COVID demand collapse |
| 2022 | 9.29 | ~23.80 | Post-COVID recovery |
| 2024 | 5.45 | 12.84 | China real estate slump; rebar −8% [3] |
| Mar 2026 | 5.43 (EU) | — | Near trough; CRU forecasts recovery from late 2026 [13] |
Current European V₂O₅ price is 28–42% below the 2000–2024 real average of $8.98/lb (CRU Group).
Key producers
| Company | Location | Product | Status |
|---|---|---|---|
| Pangang Group (Panzhihua Steel) | Sichuan, China | V₂O₅, FeV | Largest global producer; integrated steel-vanadium [3] |
| EVRAZ | Russia | V₂O₅, FeV | 21% of global output; integrated steel mills [3] |
| Largo Resources (TSX: LGO) | Bahia, Brazil | V₂O₅, VRFB electrolyte | Maracás Menchen mine; JV with Stryten Energy for US electrolyte mfg [14] |
| US Vanadium LLC | Arkansas, US | V₂O₅, V₂O₃ | High-purity for aerospace/batteries; expanding from 3,000 to 8,000 t/y by 2027 [15] |
| Taiyo Koko Co., Ltd. | Kobe, Japan | Pure V metal (EBM) | One of ~2 pure metal producers globally; electron beam furnaces at Ako plant [16] |
| Bushveld Minerals | South Africa | V₂O₅ | Entered bankruptcy amid margin compression [13] |
| Glencore (Rhovan) | South Africa | V₂O₅ | On care-and-maintenance; production curtailed [13] |
Metal Offers
| Date | Purity | $/kg | Qty | Seller | Country | Category | Notes |
|---|---|---|---|---|---|---|---|
| 2026-03 | 99.9% (3N) | 402 | 1 kg | Metallos.de | DE | Retail ref. | V metal pieces; certificate of analysis; lowest verified retail [10] |
| 2026-03 | 99.9% (3N) | 534 | 100 g | Metallos.de | DE | Retail | V metal pieces; €49 (~$53) [10] |
| 2026-03 | 99.995% (4N5) | 544 | 1 kg | Metallos.de | DE | Retail | V metal pieces; highest purity at kg scale [10] |
| 2026-03 | 99.9% | 590 | 1 kg MOQ | Alibaba (multiple CN suppliers) | CN | Wholesale | V granules; $580–605/kg range; standard CN supplier verification caveats [9] |
| 2026-03 | 99.9% (3N) | 1,530 | 31.1 g | RWMM | US | Retail | 1 troy oz serialised ingot; assay certificate [17] |
| 2026-03 | 99.99% (4N) | 2,100 | 10 g | PEGUYS | US | Retail | Unoxidized crystal; highest purity retail offering [18] |
| 2026-03 | 99.93% | 2,590 | 150 g | Smart-Elements | AT | Retail | Melted pellets; 1 unit remaining [19] |
| 2026-03 | 99.7% | 2,720 | 250 g | Alfa Aesar / Thermo Fisher | US | Lab-grade | V pieces [20] |
| 2026-03 | 99.995% (4N5) | 2,724 | 10 g | Metallos.de | DE | Retail | V metal pieces; small-lot premium [10] |
| 2026-03 | 99.7% | 4,319 | 50 g | MSE Supplies | US | Lab-grade | V pellets (evaporation grade); on request [21] |
| 2026-03 | 99.5% | 7,600 | 50 g | Chemsavers | US | Lab-grade | V powder −325 mesh [22] |
| — | various | quote | — | American Elements | US | Industrial | All forms; RFQ only [23] |
| — | ≥99.9% | quote | — | Stanford Advanced Materials | US | Industrial | Metal, powder, sputtering targets [24] |
| — | various | quote | — | ESPI Metals | US | Industrial | Foil, sheet, rod, powder [25] |
Important Notes
No Chinese export controls — a notable absence
Despite China’s escalating campaign of critical mineral restrictions since July 2023 (gallium, germanium, graphite, antimony, tungsten, seven rare earths), vanadium has not been placed on any export control, licensing, or ban list as of March 2026 [26][27]. This is significant given China’s 70% production share. Analysts at Trivium China identify vanadium as a potential future candidate; its current exemption reflects the fact that Chinese domestic prices typically offer better margins than export [28]. This could change if Western capacity shrinks further or geopolitical tensions escalate.
VRFB deployment: the long-term structural catalyst
Vanadium redox flow batteries offer >15,000-cycle life, 20–30-year lifespan, non-flammability, and fully recyclable electrolyte. The Dalian project (Rongke Power, 200 MW / 800 MWh) is the world’s largest installation. Sumitomo Electric’s 2025-generation VRFB promises 30-year life, 15% higher energy density, and 30% cost reduction [5][6]. CRU Group estimates 15,000 t of V went into batteries in 2025, up from <1,000 t in 2020 [7]. If the battery share reaches 17% by 2033 (USGS projection), this represents a fundamentally new demand floor that steel-cycle weakness cannot erase.
Pure metal production: ~2 companies globally
Approximately 90% of vanadium is consumed as ferrovanadium or V-N alloy for steelmaking, never requiring reduction to pure metal. Electron beam melting (EBM) is the industrial standard for achieving 99.9% (3N); electrolytic refining in molten salt (KCl-LiCl-VCl₂) reaches 4N. Only Taiyo Koko (Kobe, Japan) and one or two Chinese producers operate EBM furnaces at scale [16][29]. This extreme concentration in pure metal production — versus the much broader V₂O₅ and FeV market — explains why retail V metal at $402/kg trades at ~19× the V₂O₅ contained-vanadium value of ~$21/kg.
Commodity at cyclical lows — recovery expected
V₂O₅ at $5.43/lb sits 28–42% below the 2000–2024 real average. The weakness reflects China’s real estate downturn (rebar production −8% in 2024), persistent oversupply, and speculative disinterest after the 2018 crash [8][13]. Western producers are under severe margin pressure: Bushveld Minerals entered bankruptcy, Glencore’s Rhovan went on care-and-maintenance. CRU Group forecasts recovery from late 2026 as supply discipline, new Chinese rebar standards (Sep 2024), and accelerating VRFB deployment tighten the market. The consensus is bearish near-term through mid-2026, turning bullish thereafter [13].
Physical Properties [30]
Z: 23 · Ar: 50.942 u · ρ: 6.11 g/cm3 · Tm: 1,910 °C · Tb: 3,380 °C · One of the hardest pure metalsCrystal: BCC · Config: [Ar]3d34s2 · Ox. states: +2, +3, +4, +5 · Abundance: ~120 ppm (relatively common) · Named after Vanadís (Freyja)
References
- CRU Group / Ferroalloynet, “China’s September 2024 Rebar Standards and Vanadium Demand Implications,” 2024–2025. crugroup.com.
- IMARC Group / Ferroalloynet, “New Chinese Rebar Standards Expected to Add 8,000–18,000 Tonnes Annual V Demand.”
- USGS Mineral Commodity Summaries, “Vanadium,” Jan 2025. pubs.usgs.gov.
- USGS, “Vanadium — Critical Mineral; No Substitute in Ti-6Al-4V.” usgs.gov.
- ESMAP / World Bank, “Vanadium Redox Flow Batteries for Grid-Scale Energy Storage.” esmap.org.
- Grand View Research / Vanitec, “VRFB Market Size and Share Analysis.” grandviewresearch.com.
- CRU Group, “15,000 Tonnes of Vanadium in Batteries Globally in 2025.” crugroup.com.
- Fastmarkets via vanadiumprice.com, V₂O₅ 98% and FeV80 Europe spot prices, 10 Mar 2026. vanadiumprice.com.
- Alibaba B2B marketplace, V metal granules 99.9%, multiple Chinese suppliers, Mar 2026. $580–605/kg range.
- Metallos.de. V metal pieces 99.9% and 99.995%, 10 g to 1 kg, Mar 2026.
- Lipmann Walton & Co, “China’s New Rebar Standards and the 2018 Vanadium Price Spike.” lipmann.co.uk.
- PR Newswire, “China Rebar Standards to Add ~12,000 Tonnes Annual V Demand,” 2018.
- CRU Group / Investing News Network, “Vanadium Price Forecast: Recovery Expected from Late 2026.” investingnews.com.
- Largo Resources / SkyQuest, “Largo Clean Energy & Stryten Energy JV for US Vanadium Electrolyte,” Feb 2025. largoinc.com.
- Shanghai Metals Market / Asianmetal, US Vanadium LLC expansion plans, 2025–2027.
- Japan Metal Bulletin, “Taiyo Koko Electron Beam Furnace Operations, Ako Plant.” japanmetalbulletin.com.
- Rare World Metals Mint (RWMM). V metal 1 troy oz listing, Mar 2026.
- PEGUYS LLC. V crystal 99.99%, Mar 2026.
- Smart-Elements GmbH, Vienna. V metal pellets, Mar 2026.
- Thermo Fisher Scientific / Alfa Aesar. V metal pieces and powder, Mar 2026.
- MSE Supplies LLC. V pellets (evaporation grade), Mar 2026.
- Chemsavers Inc. V powder, Mar 2026.
- American Elements. V metal and compound product pages.
- Stanford Advanced Materials. V products.
- ESPI Metals, Ashland, Oregon.
- CSET (Georgetown) / Exiger, “Timeline of China’s Critical Mineral Export Controls, 2023–2025.”
- Pillsbury Winthrop Shaw Pittman LLP / Al Jazeera, “China’s Escalating Export Restrictions on Critical Minerals.”
- Trivium China, “Vanadium as a Potential Future Export Control Candidate.” triviumchina.com.
- Various: Calphad / BYU, “Vanadium Metal Production Methods”; ScienceDirect, “Electrolytic Refining of V in Molten Salt”; ScienceDirect, “Van Arkel–de Boer Iodide Process.”
- Wolfram Alpha, “Vanadium element.” wolframalpha.com.