China’s CMOC Group Ltd. has strengthened its status as the world’s cobalt king, churning out more than three times as much as better-known rival Glencore Plc after a stunning output surge that’s deepened the battery metal’s price rout.
Recent output numbers from CMOC “really are crazy,” Thomas Matthews, analyst at consultancy CRU Group said by email. “In terms of when the market will come back to balance, it’s a case of later rather than sooner,” he said. CRU predicts a global surplus until at least 2026. “It now looks very likely that they will break the 100,000-ton mark,” CRU’s Matthews said. With plans to raise copper output to 1 million tons a year by 2028, cobalt production will naturally go even higher, he said.
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