LONDON: It’s turning out to be a great year for minor metals.

Rechargeable-battery ingredient cobalt has gained 83 per cent, while ruthenium, used in the chemical industry and electronics, is up 63 per cent. The latest star is vanadium, an obscure silvery-grey metal thought to have been used to harden steel as far back as the Crusades.

The metal, which is also used in energy-storage batteries, has surged 67 per cent since mid-July, according to Metal Bulletin data.

Much of vanadium’s rise has been driven by policy changes in Beijing. The China Iron & Steel Research Institute has proposed increasing the amount of vanadium required in construction steel, which would lead to a 30 per cent increase, according to VTB Capital and SP Angel research. The new standard is expected to be announced in September.

“There are fundamental supply and demand issues that have driven the re-rating,” said Julian Treger, chief executive officer of Anglo Pacific Group Plc, which owns vanadium royalties. “Prices could go higher.”

• [Editor:Wang Linyan]