![]() ![]() Others were more bearish as spot metal prices continued to fall. 24-28 at discounts "not differing too much" from 2021, which was attributed to no new supply and more units designated to the EV market via multi-year contracts. ![]() With Europe suffering from high energy prices and inflation, North America has been more resistant to these headwinds leading to a two-tier spot market where metal sold in the US for alloying has commanded a premium over the European market.Īlloy grade sellers reported signing term contracts prior to LME Week over Oct. The tight market a year ago allowed sellers to include premiums into term contracts and move buyers on to the mid-point of the spot assessment range, up from the traditional low end. 30, down 55% from its peak of Yuan 120,000/mt on March 9, S&P Global Commodity Insights data showed. Platts assessed battery-grade 20.5% Co cobalt sulfate at Yuan 54,000/mt DDP China Nov. "The scrapping of EV subsidies in China next year is definitely impacting consumers' appetite for raw materials," a Chinese precursor maker said. Sources reported of high inventories across the supply chain and battery makers cutting production, putting further pressure on prices. While the Chinese EV sector has since rebounded, the consumer electronics sector, making up 30% of global cobalt demand, struggled against weaker consumer spending. However, the market spiraled into a downturn from end-March all the way to July as sweeping pandemic control measures were implemented across China to control the spread of COVID-19, impacting logistics and subsequently the economy. Sulfate plunges on sluggish consumer electronicsĬhinese cobalt sulfate prices started the year strong, hitting a multi-year high of Yuan 120,000/mt as logistical bottlenecks in Durban tightened the inflow of cobalt hydroxide, pushing production costs higher. This, after 2022 was set to have been a boom year for the metal as it was expected to ride on the back of a post-pandemic demand recovery and gain traction from the electric vehicle sector. It is forecast that there will be a market surplus of cobalt in 2024 of 4,315 metric tons.Receive daily email alerts, subscriber notes & personalize your experience. As cobalt is largely used in batteries, its future demand is expected to remain linked tightly to the demand for electric and hybrid electric vehicles. dollars per metric ton, but decreased to 33,055 U.S. Meanwhile, the global cobalt futures price peaked in August 2022 at 81,767 U.S. dollars per pound, following a peak in 2018. cobalt spot price has decreased slightly to an average of 31 U.S. China alone now accounts for about one-third of the cobalt consumption worldwide, while Europe's and North America's consumption amounted to nearly 23 percent and nearly 18 percent of the global consumption as of 2020, respectively. The global consumption of cobalt has shifted away from the United States and Europe and towards Asia. As a result, cobalt demand has drastically increased in recent years, with producers scrambling to supply enough. Because cobalt increases the life and energy density of batteries, it is one of the main metals used in a variety of batteries, in particular lithium-ion batteries, which are used for everything from cell phones and laptops to electric vehicles. ![]() As of 2022, cobalt was most commonly used in batteries, followed by alloys, as a material in tools, as a pigment, as well as in catalysts, ceramics, and other uses. The Copper Belt in the DR Congo and Zambia is one of the predominant sources of cobalt in the world.Ĭobalt has a wide range of applications and is often used in many industrial processes. Naturally, the DR Congo, followed by Australia, the world's third-largest cobalt miner, hold a large share of the global cobalt reserves. However, a large majority of the world’s cobalt mine production occurs in the Democratic Republic of Congo. The global refinery production of cobalt is increasing and has become more common in countries such as China in recent years. Global cobalt production amounted to 190,000 metric tons in 2022, with 30 percent of worldwide production attributable to just one cobalt mine that year: the Metalkol RTR Project in the Democratic Republic of Congo. In 2022, the total global cobalt reserves amounted to 8.3 million metric tons, an increase of 10 million metric tons compared to 2010. For example, froth flotation is commonly used, in which a substance is used to bind to different ore components in order to enrich cobalt ores. There are several methods that can be used to separate cobalt from nickel or copper. Thus, cobalt production often occurs as a by-product of the copper and nickel mining industries. Almost all of cobalt’s land-based deposits are found in combination with nickel or copper, and to a smaller extent, with platinum group metals. Cobalt mining industry worldwide - Statistics & FactsĬobalt as a free element is a hard, lustrous gray metal. ![]()
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