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Supply of vanadium to China had grown from 3% to 18% of total production, said Fortune Mojapelo, CEO of Bushveld Minerals who added that the structural drivers behind vanadium demand growth “could not be stronger”.

Japan's steel exports were 2.4895 million tons in July, down 18.7% from a year earlier, up 2.75% from a month earlier, according to data released recently by the Japan Iron and Steel Federation.

Mr Acharya also explained that iron ore prices are at six-year high and international steel prices in August, too, have increased.