HS Code:
Vanadium, classified under HS Code 8112.92 (unwrought vanadium) and related codes, is a critical metal primarily used as an alloying agent in steel production to enhance strength and corrosion resistance. It is also utilized in vanadium redox flow batteries for energy storage, aerospace applications, and chemical catalysts. Global trade in vanadium is influenced by mining output, industrial demand (especially in steel manufacturing), and geopolitical factors affecting key producing regions. Vanadium is often traded in the form of vanadium pentoxide, ferrovanadium, and other compounds.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
UN Comtrade Database, International Trade Centre (ITC)
$1.2 billion USD
48% of global trade of total trade
Increasing
$500 million USD
20% of global trade of total trade
Stable
$400 million USD
16% of global trade of total trade
Increasing
$200 million USD
8% of global trade of total trade
Stable
$100 million USD
4% of global trade of total trade
Decreasing
Average Rate
5.5% ad valorem
Highest Rate
12% (imposed by certain developing economies on imports)
Lowest Rate
0% (under free trade agreements or for WTO members in specific categories)
Rising demand for vanadium in renewable energy storage
Increased trade volume due to the adoption of vanadium redox flow batteries for grid-scale energy storage solutions, particularly in Asia-Pacific and Europe.
2021-2023
Fluctuating steel production rates
As steel production (a major consumer of vanadium) varies with economic cycles, trade volumes experience volatility, especially in markets like China and India.
2020-2022
Supply chain disruptions due to geopolitical tensions
Sanctions and export restrictions in key producing countries like Russia have led to price spikes and shifts in trade routes.
2022
China introduced tighter export controls on vanadium products to prioritize domestic steel and battery industries, impacting global supply chains.
October 2022
Increased prices globally and encouraged alternative sourcing from South Africa and Brazil.
New vanadium mining projects in South Africa received government backing to boost production capacity, aiming to reduce reliance on Chinese exports.
March 2023
Potential increase in global supply, stabilizing prices and diversifying trade sources.
The European Union classified vanadium as a critical raw material, leading to policies encouraging domestic recycling and reduced import dependency.
September 2023
Shift in trade patterns with higher demand for processed vanadium within the EU and potential tariff adjustments.