Battery metal markets are booming on the back of rising electric vehicle sales.
Supply chain issues and a global rush to secure supplies have skyrocketed battery metal prices over the last year. And if battery metals remain expensive, the Sign Up for the Battery Metals DigestThe above infographic highlights the five most expensive battery metals as of November 2022 using prices from Cobalt was by far the most expensive battery metal until late 2021, which was when lithium prices hit an inflection point, heading towards all-time highs.
A single tonne of lithium carbonate, one of the refined forms of lithium that’s used in batteries, now costs over in 2021, and have surged by over 100% year-to-date as of November 2022. Increasing EV demand and sales are driving prices from the demand side, with the lack of supply tightening the squeeze.
This year, lithium supplies have been affected by heatwaves in China, where some factories were temporarily shut down due to power shortages from drought-hit hydropower generation. From a broader perspective, it takes anywhere between three to five years for new lithium supply capacity to come online, making it difficult for suppliers to react quickly to rising demand.70%
of global mined cobalt production comes from the Democratic Republic of Congo . Furthermore, cobalt mining in the DRC is associated with several human rights issues, including child labor. the cathode. The cathode is arguably the most important part of the battery, determining performance, longevity, and range. Copper is the only non-cathode material on the list.
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