How much is the vanadium price tied to the steel price? The answer: almost completely, at least for the immediate-term. According to data supplied by Bushveld Minerals Ltd (LON:BMN), a major producer of vanadium, steel production accounted for around 92% of total vanadium demand in 2019. Steel production will continue to dominate vanadium demand for the foreseeable future too, although long-term there will likely be increasing use in vanadium redox-flow batteries, which are used to store grid power, amongst other things. The benefits of using vanadium in steel are universally recognised. Adding vanadium refines the structure and grains of the steel, which reduces its sensitivity to overheating, and increases its strength and toughness. During the heat treatment of steel, the compounds produced by vanadium, carbon, and nitrogen prevents the grains from growing, resulting in steel with high strength and good plasticity and toughness.