Vanadium consumption tripled in China in 2004, up 67% compared to 2003, then increased again by 58% in 2005. - Traditionally, steel sales have been steel and vanadium supplier,
Highveldís main source of revenue. In early 2005 the price of vanadium pentoxide went to an unprecedented high of US $25 per pound and Highveld announced that vanadium sales
had outpaced its steel market.