"The supply side is not reacting right now," said Michael Widmer, an analyst at Bank of America. Analysts at RBC say they expect cobalt prices to reach $28.50 a pound this year, and rise to $40 in 2024 as alternatives are expected to remain scarce.…After a 40 per cent rise in 2020, electric car sales more than doubled in the first quarter of 2021 compared with the same period a year earlier, according to the International Energy Agency. The price of cobalt has jumped 40 per cent so far this year on persistent demand from electric vehicle makers.Prices for the world's most expensive battery metal hit their highest level since January 2019 in March - at $25 a pound - and currently hover around $21, according to data company Fastmarkets. On April 30 the Financial Times reported:Ĭobalt price jump underscores reliance on metal for electric vehicle batteries. She said Mutanda would add supply at the higher end of the cost curve and required a cobalt metal price of $15.10/lb to cover the AISC in 2025.stronger prices were still needed to induce new supply and the price was forecast to rise to $29.91/lb in 2025.the upcoming deficit is due to be led by rising demand, with MI expecting global cobalt demand to increase by over 70% over the next five years. Yu said a Mutanda restart would account for the majority of cobalt mine supply increases over the next five years, with the timing of the restart decision critical to market balance and prices. Lithium and cobalt demand growth to be led by global PEV sales.MI also expected the cobalt market to move into deficit from 2024 whether or not Glencore restarted its Mutanda mine in Democratic Republic of Congo in 2022, though the deficit could be as high as 11,000 mt without the restart. Source: UBS courtesy Carlos Vincens LinkedIn Cobalt market newsĬobalt, lithium to move into deficit by 2024, 2025: MI.Cobalt market to move into deficit by 2024, even if Mutanda restarts. UBS forecasts Year battery metals go into deficit UBS's EV metals demand forecast (from Nov. Source: Fortune Minerals (video) and courtesy Benchmark Mineral Intelligence 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 19.80īNEF cobalt supply and demand forecast - Deficits widening from 2023Ĭobalt demand v supply forecast - Deficits starting in 2026 LME Cobalt inventory is 292 tonnes, about the same as last month's 294 tonnes. Cobalt price newsĪs of May 19, the cobalt spot price was lower at US$19.80/lb, from US22.59/lb last month. The past month saw news from sources suggesting that Glencore might restart Mutanda in H2 2022 as well as new Indonesia supply. Welcome to the May 2021 cobalt miner news. Photo by Alfio Manciagli/iStock via Getty Images
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