钒市场分析.pdf

1、Vanadium Market FundamentalsTerry PerlesTTP Squared,LLCInternational Flow battery Forum June 26,2025 Vienna,Austria105101520253035402016201720182019202020212022202320242025e2026e2027e2028e2029e2030eGWHrVanadium Flow Battery InstallationsChinaEx ChinaSource:TTP Squared LLCInternational Flow battery F

2、orum June 26,2025 Vienna,Austria2020,00040,00060,00080,000100,000120,000140,000160,000180,0002016201720182019202020212022202320242025e2026e2027e2028e2029e2030eMetric Tons VVanadium Flow Battery Demand for VanadiumChinaEx ChinaSource:TTP Squared LLCInternational Flow battery Forum June 26,2025 Vienna

3、,Austria3-50,000 100,000 150,000 200,000 250,000 300,0002016201720182019202020212022202320242025e2026e2027e2028e2029e2030eMetric Tons VVanadium Consumption by ApplicationSteelTitaniumChemicalsV Flow BatterySource:VANITEC,TTP Squared,LLCInternational Flow battery Forum June 26,2025 Vienna,Austria4-20

4、,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024MTVVanadium ProductionMiddle EastLatviaVietnamKazakhstanBrazilAustraliaIndiaTaiwanKoreaJapanEuropeNorth AmericaSouth AfricaRussiaChinaSource:VANITE

5、C,TTP Squared,LLCInternational Flow battery Forum June 26,2025 Vienna,Austria5$-$5.00$10.00$15.00$20.00$25.00$30.00$35.00050,000100,000150,000200,000250,000300,0002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025e2026e2027e2028e2029e2030e Price(US$/

6、lb V2O5)MTVV Consumption and ProductionConsumption Tradional MarketsEnergy StorageProductionV2O5 Pricesource:VANITEC,TTP Squared LLC,Fastmarkets.Price basis:fused flake(98%purity)V2O5 In Warehouse Rotterdam,duty not paid Inflated to December 2024 US$International Flow battery For