In addition to optimizing the production of “high-end special steel” thus requiring a high content of Vanadium, China's 2-year plan for 2024-2025 is also aiming “to cut carbon emission” thus restricting its highly polluting Vanadium production from stone coal which is an important primary source of Vanadium in China.
Project Blue:
“In China, “coal stone” (a carbonaceous shale) can also be a source of primary vanadium, depending on market prices….Note that in China, primary production refers to the exploitation of ‘coalstone’ via a process involving roasting, water leaching and the use of large quantities of caustic gases which translate into a low recovery rate (about 45%) and severe environmental problems.
An important primary source of vanadium in China is “coal stone” (a carbonaceous shale), which to some extent serves as the supply chain’s swing producer. At times of high vanadium prices, operations (mostly in Shaanxi and Henan) can produce significant tonnages”
https://www.asianmetal.com/news/2072676/China-unveils-two-year-plan-for-energy-conservation-and-carbon-reduction/14
https://www.globaltimes.cn/page/202405/1313282.shtml