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From continued growth in demand and market share for electric vehicles to the build-up of energy storage systems, cobalt is key in the global transformation to new energy sources. But there is a lack of diversity in the supply chain for battery and automakers. Roughly 70% of mined cobalt comes from the Democratic Republic of Congo – where the supply and reputational risks for manufacturers are well known – and 70% of cobalt processing occurs in China.
Logistics and shipping disruptions are still a key issue, and high prices for the battery material continue. In response, we’re seeing an even greater need for the recycling of cobalt for electric vehicles.
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The structure of the cobalt market is changing as new, more diverse supply is brought to market and ESG considerations come more into focus. Get the latest cobalt news and analysis from our expert price reporters, analysts and researchers.
Read Fastmarkets’ monthly battery raw materials market update for August 2024, focusing on raw materials including lithium, cobalt, nickel, graphite and more
Understanding the greatest risks and the impacts to the supply chains of critical raw materials including battery raw materials, green metals and rare earths
Chinese cobalt metal prices plummeted on Friday July 26 to the lowest level since July 2016, which market participants attributed to a surge in production and weak downstream demand
Chinese mining giant CMOC reported a 178% year-on-year increase in cobalt metal production for the first six months of 2024, according to an announcement by the company on Friday July 12
China’s nickel-cobalt-manganese (NCM) battery output in June registered fell to 20.5 gigawatts hours (GWh), down by 1.5 GWh, or 6.8%, from the 22 GWh in May, and down by 3.7 GWh, or 15.3%, from the 24.2 GWh in March, according to the data from China Automotive Battery Innovation Alliance (CABIA)
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