Ann: AVL in Strong Financial Position to Complete DFS, page-82

Here is a few links:

https://investingnews.com/daily/resource-investing/battery-metals-investing/vanadium-investing/vanadium-outlook/

https://oilprice.com/Metals/Commodities/Vanadium-Spikes-On-New-Chinese-Regulations.html

And here is a graph from one of those links - have a careful look at the Dec quarter 2017 (and note that vanadium became in vogue essentially at the start of 2017).  Notice the spike before the drop (in both 2017 and 2018) - extra buying - and then the fall during December quarter (cuts in production for whatever reason) and subsequent rise in the March 2018 quarter (end of Chinese New Year).  As I said, when AVL get into production demand/supply will be more balanced so I expect prices to range long term around the US$10 per pound to US$15 per pound in the long term. 

As to your comment on steel and iron ore and coal, just be mindful these commodities are not in short supply and shipments are more regular and Chinese and Japanese ports themselves have storage areas and furthermore just go up to the Pilbara and have a look at those iron ore stockpiles at the port (they are huge and ship movements reduce as well from Nov - March in some cases (because of cyclone season).  Anyway, in the next month or so we'll see who is correct on price, but in terms of AVL well it really is not an issue because I doubt they would be getting that short term price when they come into production (as the supply/demand imbalance closes etc etc). 

I doubt vanadium prices will collapse before US$10 per pound if that is somehow the point you are trying to make given growth projections and the demand/supply imbalance in steel markets (before we talk batteries).    All IMO