Environmental Engineering Reference
In-Depth Information
For nickel, the fluctuation in metal prices was evident similarly as for the other metals. For
example, in 2005, the prices fluctuated between about 12 and 17 $/kg. Between February and
July 2006, the price of nickel increased from
∼
30 $/kg to more than 50 $/kg before declining
to
32 $/kg. In overall, the demand for nickel has been growing at a rate of 4% annually
during the last decade with 7% growth during the last two years.
∼
12.4 Cobalt
Cobalt is used in superalloys for production of components of gas turbines and aircraft engines.
Cobalt is also used to make corrosion and wear resistant alloys, high speed steels, magnets,
cemented carbides and diamond tools. As component of various catalysts, Co plays a key role
in petroleum industry. Apparently, battery sector is the fastest growing application of Co. For
example, in 2003, this sector consumed about 11% of the Co available on the market
[704]
.
Cobalt prices were relatively stable until the late 1970s. Then, the price increased rapidly to
more than $ US 80 per kilogram, because of the uncertainties in the Co supply. After
stabilizing at previous levels ($ US 20), the price increased to about $ US 60 per kilogram in
early 1990s because of the unstable situation in the Co supplying countries. The years 1996 to
1998 can be used to illustrate the Co price fluctuation on the market. Thus, in 1996, the price
decreased to about $ US 45 per kilogram. In 1997, the price fluctuated between about $ US 40
and 50 per kilogram. In June 1998, the price declined from about $ US 50 to 25 per kilogram,
while the average 1998 price was about $ US 45 per kilogram. In 2004 and 2005, the price
averaged at about $ US 50 and 40 per kilogram, respectively.
12.5 Vanadium
The sources of vanadium include metallurgical slugs (60%), magnetite ore (35%), and
remaining includes spent catalysts and refinery residues. In 2004, the capacity utilization
approached 80%. Used in metal alloys such as steel alloys (carbon steel, low and fool alloy
steel and tool steel) for structural applications, oil and gas pipelines, buildings and cars, in
aerospace titanium alloys for aircraft components, rocket motors, gas turbines, and for
production of gas and ceramics. As catalyst, V is used for production of H
2
SO
4
, maleic
anhydride, etc. However, metallurgical uses account for about 90% of the vanadium
consumption.
As the result of demand, the price trends of vanadium may reveal wide fluctuations within
relatively short period of time. Compared with 2003, the consumption in 2004 increased by
about 13%, whereas during the previous years, the consumption was increasing only by about
2% annually. Consequently, in 2004 the price of V increased to $ US 27 from about 15 $ US per
kilogram due to the increase in steel production. The rapid increase in demand in 2005
resulted in the price rise to 128 $ US. Subsequently, the price decreased to 38 $ US because of
