![]() ![]() ![]() ![]() As cobalt demand and prices recovered, Glencore announced in June this year that it will restart the mothballed Mutanda mine and production is expected at the end of 2021. Although prices have been rising throughout this year as consumers restocked, cobalt metal value is still well below the 10-year high of $45/lb in 2018. According to the price reporting agency, the benchmark standard grade cobalt metal price started the year at $15.30 a pound (lb) and has increased throughout most of the year to above $30/lb in December. Cobalt prices have more than doubled since the beginning of the year. On December 2 the WSJ reported: "The scramble for EV battery metals is just beginning."Ĭobalt price forecast: Will rising supply pressure the market?. EGC aims to buy 10,000 tonnes of cobalt in hydroxide in 2022 - down from a previous target of 15,000. "We foresee to be on the market, buying, by late January," Takis said. The Congo set up Entreprise Generale du Cobalt to buy, process, and market all the artisanal cobalt produced in the country, which miners usually dig by hand and sell to unregulated middlemen who trade it. China's control of key minerals such as lithium and cobalt leaves the world with little option but to depend on it for at least the medium term.Ĭongo State cobalt monopoly aims to start buying in January. On December 1 The South China Morning Post reported:Ĭhina's growing control of global minerals supply leaves the US in the dust. On December 1 Reuters reported: "VW expects battery, raw material drive to cost up to $34 bln." Source: International Energy Agency 2021 report Cobalt market news 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 (chart from 2021) UBS's EV metals demand forecast (chart from Nov. Source: Fortune Minerals (2021 video - 2:15 minute mark) and courtesy Benchmark Mineral Intelligence Source: Fortune Minerals company presentationĬobalt demand v supply forecast - Deficits starting in 2026 UBS cobalt supply and demand forecast - Small deficit in 2021 with deficits growing from 2023 (chart from 2021) Source: Cobalt demand v supply forecastsīloombergNEF EV metals demand forecast (chart from Jan. Ĭobalt spot prices - 5-year c hart - USD 31.42 More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fast Markets MB. LME Cobalt inventory is 271 tonnes, the same as the last two month. Cobalt price newsĪs of December 16, the cobalt spot price was significantly higher at US$31.42/lb, from US$27.67/lb last month. The past month saw cobalt prices rise significantly and continued good news from the cobalt miners. Welcome to the December 2021 cobalt miner news. ![]()
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