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What is the current situation of ferrovanadium demand?

The steel industry is the main application area of ​​ferrovanadium, accounting for about 90% of global vanadium consumption. In steel, vanadium is mainly used to refine grains, increase the strength and toughness of steel, and improve the wear resistance and service life of steel. In addition, ferrovanadium is also widely used in titanium alloy production, electrochemical energy storage and other fields. With the rapid development of emerging industries such as new energy vehicles and rail transportation, the demand for ferrovanadium in these fields is also increasing. With the recovery of the global economy and the acceleration of infrastructure construction, the demand for steel production continues to grow, driving the development of the ferrovanadium industry.