China is now a net importer of vanadium, a situation which is expected to persist, Bushveld Minerals CEO Fortune Mojapelo said on Tuesday.
Speaking at question-and-answer time after presenting a solid set of financial results for 2019, Mojapelo said in response to SP Angel mining analyst John Meyer, that the implementation of rebar standards for steel production had resulted in higher intensity of use of vanadium in steel and that the transition to renewable energy was also increasing demand for vanadium.
While the US continued to be a source of robust demand for the company’s vanadium, China becoming a net importer of the metal was the most notable market development.
Bushveld Minerals Limited (LON:BMN), together with its subsidiaries, engages in the exploration and development of mineral projects in South Africa. It operates through three segments: Vanadium and Iron Ore, Coal Exploration, and Vanadium Mining and Production.