Executive Interviews

Asian Metal: Welcome to Asian Metal's Executive Interview column. Could you first briefly introduce yourself and your company?

Mr. Tapan Kumar Mandal: My name is Tapan Kumar Mandal. I am a metals and mining professional with more than 22 years of experience in the vanadium industry, specializing in commercial strategy, business development, sales and market development in the high-end ferroalloy sector. Early in my career, I represented Brazil-based CBMM in promoting the application of ferro-niobium in India. I subsequently joined Essel Mining & Industries Ltd., part of India's Aditya Birla Group, where I was responsible for ferro-molybdenum and ferro-vanadium businesses, driving business growth, strategic customer partnerships and market development. I currently work for India's Mortex Group, helping the group strategically expand into the high-end ferroalloy sector, with a focus on product portfolio diversification, raw material procurement, customer development and new business opportunities in domestic and international markets. The company has not yet commenced vanadium production, but we may start production in the near term. We are currently building a new plant with a target production capacity of approximately 100 tonnes per month, or 1,200 tonnes per year. At present, we are engaged solely in trading, with a monthly trading volume of approximately 60 tonnes.

Asian Metal: Who are your company's main downstream buyers?

Mr. Tapan Kumar Mandal: Our strategy is to sell 100% of our products directly to end-users, building strong customer relationships, securing long-term supply partnerships and establishing a sustainable market presence. As market conditions evolve, we may also explore other sales channels in the future.

Asian Metal: What is the current state of India's ferro-vanadium market? What do you estimate its monthly consumption to be?

Mr. Tapan Kumar Mandal: India's ferro-vanadium market is currently estimated to exceed 7,000 tonnes per year in terms of product volume, equivalent to approximately 580-600 tonnes per month, covering both FeV50 and FeV80 grades. In terms of contained vanadium metal, annual consumption is estimated at more than 5,000 tonnes. Demand is supported by India's infrastructure expansion and the growth of its steel industry, underpinned by several government initiatives, including the National Steel Policy 2017, which targets steelmaking capacity of 300 million tonnes by 2030-31; the PM GatiShakti National Master Plan; the National Infrastructure Pipeline; and the Production Linked Incentive (PLI) Scheme for Specialty Steel. Looking ahead, I expect India's ferro-vanadium market to grow by approximately 5-8% annually over the medium term, depending on steel production growth, changes in the product mix and the intensity of alloy consumption.

Asian Metal: What are the respective shares of domestic production and imports in India's vanadium supply?

Mr. Tapan Kumar Mandal: India's ferro-vanadium market is approximately 7,000 tonnes per year. Around 20% of finished ferro-vanadium is imported, mainly from suppliers in South Korea, Russia, Japan and Europe, while the remaining 80% is produced domestically. However, domestic conversion and processing still rely heavily on imported vanadium-bearing raw materials, including vanadium oxides. Major import sources include China, Russia, South Korea, Thailand and Germany. Domestic raw material availability remains limited, although some materials can be recovered from industrial by-products and slags. This creates opportunities for domestic ferro-vanadium producers to strengthen their local processing capabilities while securing reliable and diversified sources of vanadium-bearing raw materials.

Asian Metal: Ferro-vanadium prices have continued to decline globally. What do you think are the main reasons? How do you expect prices to perform in the fourth quarter?

Mr. Tapan Kumar Mandal: We believe the main reason is that demand remains weak. Although environmental inspections in China may constrain vanadium production on the supply side, limited participation in tenders by specialty steelmakers, together with subdued procurement activity both domestically and internationally, has restricted the upside potential for prices. In addition, raw material prices have also weakened. For example, China's vanadium pentoxide prices fell by 2.81% to USD4.84/lb, undermining upstream price support. Looking ahead to the fourth quarter, I believe prices may continue to fluctuate, with limited upside potential unless steel mill demand improves. The key driver of the market is a recovery in demand rather than supply-side factors alone. Ultimately, any sustained price increase will depend on whether demand recovers.

Asian Metal: What is the current state of India's vanadium redox flow battery (VRFB) market?

Mr. Tapan Kumar Mandal: I believe India's VRFB market is still at an early stage of development, while China is already one of the leading markets globally. India has initiated several pioneering projects, including a 100MW battery project, and more tenders and installation projects are gradually emerging. However, few projects have been completed so far, with most still under development. India has yet to establish a domestic supply chain, and key components and materials are mainly imported from markets such as China and the United States. Therefore, large-scale development will take time, as local manufacturing capabilities, supply chains, project execution capabilities and supporting infrastructure all need to be developed. The key challenge is that market development does not depend on any single factor, such as cost or regulatory approvals. Rather, the entire ecosystem needs to mature. Looking ahead, I believe demand for vanadium-based energy storage will gradually increase as projects move from the pipeline stage into operation, creating long-term opportunities for the vanadium industry.

Asian Metal: Do you expect ferro-vanadium prices to continue recovering?

Mr. Tapan Kumar Mandal: A significant rebound in ferro-vanadium prices is unlikely in the short term, as weak demand continues to outweigh supply-side constraints. Since most vanadium comes from secondary resources, production cuts in China alone may have a limited impact. A sustained price recovery would require a significant boost in demand, whether driven by government policies or industrial developments. Examples could include China mandating the use of vanadium in rebar production or the large-scale deployment of vanadium redox flow batteries.

Asian Metal: Are you interested in establishing cooperation with Chinese suppliers?

Mr. Tapan Kumar Mandal: I am open to exploring specific business opportunities. During my next visit to China, I would like to visit your clients to build trust and establish direct business relationships. We value in-depth engagement and face-to-face communication, as these help move beyond preliminary discussions and develop sustainable, long-term partnerships.

Asian Metal: Thank you for sharing your insights.

Mr. Tapan Kumar Mandal: Thank you.