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It usually takes about 2 years for a mine to reach the production stage so the fact that China starts the development of its biggest Vanadium / Titanium mine now is an indication to me that they anticipate a huge increase in V demand in the coming years. A demand for such a high-grade Vanadium that its existing low grade output will not be able to satisfy (e.g high enough for electrolyte).
https://vanadiumprice.com/the-largest-vanadium-titanium-magnetite-in-china-honggenan-mine-development-launch/
On March 26, the launching ceremony for the development of the Honggenan Mine was held in Xinjiu Town, Yanbian County, marking the development of the entire industrial chain of the Honggenan Mine and the high-level construction of a world-class vanadium and titanium industrial cluster with “hundred billions of investment and trillions of output value” grand curtain officially opened.