Cobalt market stung by record oversupply

  • 📰 ftenergy
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

Glut of key metal for electric car batteries predicted to last until 2028

The cobalt market has been overwhelmed by a record glut as Chinese companies boost their output, with the surplus of the key electric car battery metal set to last until 2028, according to an influential market report. Production of the silvery metal surged 17 per cent year-on-year in 2023, flooding the market as global demand growth for electric vehicles sharply decelerated, according to an annual review by Darton Commodities, a UK-based cobalt trader.

As a result of aggressive Chinese investment, Darton Commodities now expects China to own or operate as much as 60 per cent of the world’s cobalt supply by 2025, up from 54 per cent currently. Just last year, it had only expected a 50 per cent market share by mid-decade. Indonesia has also been increasing the supply of cobalt — which is produced as a byproduct from nickel extraction — at Chinese-owned mines, doubling output to 18,200 tonnes, equivalent to 8 per cent of global supply.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK Power Capacity Auction Sets Record Price in Tight MarketThe UK's power capacity market auction for 2027-2028 set a record-high price for a four-year-ahead auction.
Source: OilandEnergy - 🏆 34. / 68 Read more »

UK Power Capacity Auction Sets Record Price in Tight MarketThe UK's power capacity market auction for 2027-2028 set a record-high price for a four-year-ahead auction.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Preston Makers Market returns for March featuring over 70 local businessesSecret Industries at a previous market Pic: Preston Makers Market / Facebook The Flag Market will once again be full of local creatives when the Preston Mak
Source: blogpreston - 🏆 82. / 55 Read more »