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| China Vanadium |
Chinese vanadium pentoxide flake exports to India are set to rise, spurred by India’s removal of a 5% customs duty on the material in late July, market participants report. This comes as India introduces new Bureau of Indian Standards (BIS) certification requirements, aimed at strengthening its domestic ferro-vanadium industry. The move aligns with India’s ongoing efforts to bolster its steel production, which reached 140.2mn tonnes in the 2023-24 fiscal year, a 12% increase from the previous year. The country is targeting a 300mn t/yr steel output by 2030-31, driven by a push for infrastructure development.
India has historically sourced vanadium pentoxide flake from countries such as Thailand, South Korea, and Russia. However, recent months have seen a marked increase in Chinese vanadium exports to India. From January to July this year, China exported 120 tonnes of vanadium pentoxide flake to India, compared to none the previous year.
India’s new BIS certification process, which must be renewed annually, requires both domestic and international ferro-vanadium producers to obtain a license before selling in India. Without this, suppliers will be unable to sell ferro-vanadium in the Indian market starting mid-March 2025.
A Sichuan-based supplier indicated readiness to sell to India, citing an oversupply in the domestic market and increasing inquiries from Indian buyers. China's total vanadium pentoxide flake production reached 85,315 tonnes from January to August, a 9.8% year-on-year increase, reflecting the country's capacity to meet rising global demand.
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