Ann: Haggan Vanadium Project Update, page-112

Projected supply and consumption

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With tighter environmental regulations, new rebar steel standards, lack of imminent vanadium supply in the pipeline, and a booming steel sector, Mr Algar pointed out vanadium consumption would continue to grow creating even more constricted market conditions.
When commenting on the commodity’s price movement, Mr Algar said he expected the vanadium price will taper off at some stage in the future, but the current deficiency in replacement supply, combined with increased demand would drive price higher in the near-term.

The outlook for vanadium demand remains strong.
Many investors are betting on how high it will go with some predicting the 98% vanadium pentoxide price will push past US$40/lb.
Adding to the situation is the prediction new vanadium supply will not come online until at least 2022.
And, until then, it’s estimated about two new operations the size of London AIM-listed Bushveld Minerals’ Vametco asset are required to come online each year for the next seven years just to meet projected market consumption.