1 kg cobalt price8/12/2023 ![]() ![]() ![]() As the world transitions to a clean energy economy, global demand for these critical minerals is set to skyrocket by 400-600 percent over the next several decades, and, for minerals such as lithium and graphite used in electric vehicle (EV) batteries, demand will increase by even more-as much as 4,000 percent. are also key inputs in clean energy technologies like batteries, electric vehicles, wind turbines, and solar panels. These minerals-such as rare earth elements, lithium, and cobalt. Biden-Harris Administration, companies announce major investments to expand domestic critical minerals supply chain, breaking dependence on China and boosting sustainable practices. On February 22 the White House announced:įACT SHEET: Securing a made in America supply chain for critical minerals. Source: Reuters and courtesy Benchmark Mineral Intelligence Cobalt market news Source: International Energy Agency 2021 reportīMI 2022 forecast for cobalt - Deficits building starting from 2024 Source: UBS courtesy Carlos Vincens LinkedInĢ021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x UBS forecasts Year battery metals go into deficit UBS's EV metals demand forecast (from Nov. Source: Fortune Minerals company presentation UBS cobalt supply and demand forecast - Growing deficits from 2023 Source: Cobalt demand v supply forecasts More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fast Markets MB.Ĭobalt spot prices - 5-year chart - USD 37.02 ![]() ![]() LME Cobalt inventory is 248 tonnes, lower than 259 last month. Cobalt price newsĪs of March 24, the cobalt spot price was significantly higher at US$37.02/lb, from US$31.97/lb last month. We also saw cobalt supply problems emerge with the China Molybdenum-DRC Government dispute (mine halt) and the problems with Russian supply such as Norilsk Nickel due to the Russia-Ukraine war. The past month saw an emerging trend with western countries (USA, Canada, and Australia) that are increasingly developing strategies and support for their own EV and critical metal miners and a secure supply chain. The most important trading venue for nickel is the London Metal Exchange.Welcome to the March 2022 cobalt miner news. This demand cannot be met from Chinese nickel deposits, as a result of which China is one of the largest importers of nickel. Because steel production has increased substantially in China in recent years, the demand for and consumption of nickel is also increasing at a very fast pace there. Around one quarter of the global demand for nickel is met by recycling nickel scrap.Īround 40 per cent of global nickel output is consumed in Europe, followed by Asia and America. Nickel is also used in electroplated coatings. The most important use of nickel is therefore in the production of stainless steel and other metal alloys. Even a small amount of nickel can considerably improve the strength and resistance to corrosion of steel when used as an alloy, something which is made use of in the steel industry. Nickel is indeed very resistant to high temperatures and corrosion. This view was not refuted until the 18th century. For a long time nickel was not recognised as a metal in its own right, but was instead regarded as a non-meltable component of copper ore. ![]()
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