HS Code:
The 'Containing mainly vanadium' category, classified under HS Code 7202.92, pertains to ferro-alloys containing mainly vanadium, which are critical in the production of high-strength steel and other specialized alloys. Vanadium enhances the strength, toughness, and wear resistance of steel, making it essential for industries such as construction, automotive, and aerospace. This category includes ferrovanadium, a key alloy used in steelmaking, and other vanadium-based materials. Global trade in this category is influenced by the availability of vanadium ore, production capacities, and demand from steel industries worldwide.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU-USMCA)
Rising demand for high-strength steel
Increased demand for vanadium alloys in construction and automotive sectors, driving up trade volumes by 8% annually since 2020.
2022
Shift towards sustainable mining practices
Stricter environmental regulations in major producing countries like South Africa and China are increasing production costs and affecting export prices.
2021
Growing investments in renewable energy
Vanadium redox flow batteries for energy storage are emerging as a new demand driver, potentially increasing trade in vanadium products by 5-10% over the next decade.
2023
China introduced stricter export controls on vanadium products to prioritize domestic steel production, leading to a temporary supply shortage in international markets.
March 2023
Global prices for ferrovanadium rose by 15% within three months, affecting steel producers in Europe and North America.
South Africa implemented a new policy to incentivize local processing of vanadium ore before export, aiming to add value domestically.
July 2022
Export volumes of raw vanadium ore decreased by 10%, while processed vanadium alloy exports saw a slight increase.
The United States granted temporary tariff waivers on ferrovanadium imports from select countries to stabilize domestic steel production costs.
January 2023
Imports from Brazil and South Africa increased by 7%, providing short-term relief to US steel manufacturers.