All in all, the outlook for cobalt remains strong, with demand expected to double by 2030. Cobalt supply reached close to 198,000 tonnes in 2022, up 21 percent year-on-year. Last year, demand for cobalt saw a slight increase compared to 2021, rising by 21,000 tonnes to 187,000 tonnes. ![]() The Cobalt Institute's 2022 market report shows that cobalt will continue to play a key role in the energy transition, with demand doubling by 2030. national security and asked the Justice, State, Treasury, Commerce, Homeland Security departments as well as the Securities and Exchange Commission to investigate the plan.Ĭobalt to remain key EV raw material despite substitution threat. Senator Marcio Rubio on Wednesday asked the Biden administration to investigate Ford Motor Co's (F.N) plan to partner with PT Vale Indonesia (INCO.JK) and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia. US Senator Rubio seeks probe of Ford's Chinese partnership on nickel plant. Germany is developing "a raw materials fund to support raw materials projects at home and abroad." The raw materials Germany would be interested in securing include copper, cobalt, lithium, silicon, and rare earths. The goal is to expand access and rely less on China. Germany to dedicate $2.2 billion to secure supply of critical commodities - report. IEA demand forecast for EV metals ( Trend Investing) ( IEA)Ģ021 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 3xĢ022 - BMI forecasts we need 330+ new EV metal mines from 2022 to 2035 to meet surging demand - 62 new 5,000tpa cobalt mines (drops to 38 if include recycling). ![]() supply forecastsĬobalt supply and demand forecast - Deficits growing from ~2025 (as of April 2022) by Cobalt Blue and Wood Mackenzie ( source )īMI 2022 forecast for cobalt - Deficits building starting from 2024 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 15.53 ( source) LME Cobalt inventory is 96 tonnes, down from the 109 level from last month. Cobalt price newsĪs of May 24, the cobalt spot price was at US$15.53/lb, flat from US$15.54/lb last month. It was also reported that Germany plans to dedicate $2.2 billion to secure supply of critical commodities. The past month saw continued low cobalt prices, but some optimism towards the mid to long-term outlook. Welcome to the May 2023 cobalt miners news.
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