9/1/2023 0 Comments San patrick cobalt priceThe cobalt hydroxide index, 30% Co min, cif China, was calculated at $12.89 per lb on Friday, up by 1.3% from $12.72 per lb a week earlier. Tight spot supply further underpins cobalt hydroxide market. Roskill expects global refined cobalt production to fall 5% in 2020 to just over 130,000 mt. largely driven by use in battery applications, according to consultancy Roskill.Looking at 2020, Lu said that the cobalt market was expected to grow slightly, but at the slowest rate since 2016, to reach around 136,000 mt.Prokhodtsev added that, with the rollout of 5G technology and the increase of the number of devices connected to the Internet of Things (IoT), battery demand could be driven by an increasing number of connected devices, rather than increased battery sizes. EU demand for rare earths, used in high-tech devices and military applications, is predicted to increase 10-fold over the same period.Ĭobalt demand set to roughly double by 2030: Roskill. ![]() A company source told Fastmarkets between now and the end of this year, the company will adjust and optimize the specifications and quality of the product, and is expected to produce around 1,500-2,000 tonnes of cobalt hydroxide (metal contained) at the second-phase project in the course of 2021.ĮU to secure access to 30 critical raw materials by increasing domestic production and promoting recycling of vital elements, particularly rare earths.The group of 27 nations will need about 60 times more lithium and 15 times more cobalt for electric vehicles batteries and energy storage by 2050, analysts estimate. Wanbao Mining’s Kamoya copper and cobalt project in the Democratic Republic of Congo has started testing operations for its second-phase expansion and produced its first batch of cobalt hydroxide on November 15. Wanbao Mining’s Kamoya project starts cobalt hydroxide production. As such, it forecasts the battery industry will require a further 100 000 t of the mineral by 2025 – a 150% increase over the five-year period. Although faced with many challenges, UK-based research group Benchmark Minerals forecasts that growth in the battery sector will drive cobalt demand, outweighing falling cobalt intensities in individual cells. New markets expected to drive cobalt demand. This could make artisanally mined cobalt in the Democratic Republic of Congo (NYSE: DRC) a more attractive prospect to multinational companies that demand greater supply chain transparency and wish to only buy cobalt free from child labor. Trafigura enters artisanal cobalt offtake with DRC government body. Source: Bloomberg New Energy Finance Cobalt market news The BNEF cobalt supply and demand forecast - Deficits widening from 2023 ![]() ![]() 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 14.52 LME Cobalt inventory is 451 tonnes, the same as last month. Cobalt price newsĪs of December 18, the cobalt spot price was US$14.51/lb, about the same as US14.52/lb last month. Welcome to the December 2020 cobalt miner news.
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