Vanadium, that little-known metal used mostly in the steel industry, saw a dramatic price increase from lows near US$ 2.50 per pound in 2016 to over US$ 30 per pound in late 2018 — a twelve-fold increase. And yet since November 2018 the price halved. It now stands around US$ 15.50 per pound and continues to tick down. What are the reasons propelling vanadium’s surge up and then down? And where might it go next?