Vanadium occurs in over 60 different minerals and fossil fuel deposits. The most common of these deposits being titaniferous magnetite, uraniferous sandstone, and siltstone and phosphate rock. Vanadiferous magnetite is processed, traditionally using a sodium salt roasting process, to produce vanadium pentoxide (V2O5).
Vanadium has advantages properties that facilitate usage in steel alloys, chemicals and catalysts, and vanadium batteries. A majority of vanadium produced is used as an alloy to strengthen steels. As one of the world’s major steel producers, China has had a significant influence of vanadium consumption. Recent changes in China’s steel product standards have increased the content requirement of vanadium which has resulted in a significant increase in vanadium consumption and demand.