![]() "This is likely to continue until there is a clear stabilization or consistent recovery in Chinese end-use demand," CI said. By end of June, Chinese metal prices were ~$25 /lb, $10 below the European level.ĬI also noted that European cobalt prices are lagging China and remain significantly higher, adding that prices are expected to adjust down towards Chinese prices. To add more, global cobalt metal output is expected to rebound, with forecast 2022 production up 38% y/y, compared to 35% y/y decline in 2021.Īs for cobalt prices, CI said that Chinese metal prices fell steadily for most of Q2 2022 due to weakness from extended COVID-19 lockdowns in Shanghai. With 120,000 tonnes of cobalt produced in 2021, the Democratic Republic of the Congo was the world's largest source of mined cobalt, supplying over 70% of world cobalt mine production. In the manufacture of super-alloys wherein niobium is mixed with cobalt, nickel, and iron that, in turn, are used in high-tech applications. LONDON, Feb 7 (Reuters) - Cobalt prices have crashed over the last six months with demand growth slowing just as a wave of new supply washes through the market. On the supply side, mined cobalt production growth in the Democratic Republic of the Congo, the world's largest cobalt miner, is forecast to be even stronger than previously expected, with anticipated 26% production growth in 2022 y/y vs. Below is the historical Niobium price per metric ton. Chinese EV sales rose 7% q/q despite COVID-19 lockdown measures, whereas Western European EV sales fell -1%. (Kitco News) - According to data released by the Cobalt Institute ("CI") last week, new global cobalt demand from electric vehicles was fighting against broader automotive headwinds, while cobalt supply is expected to increase in 2022.ĬI said that the global automotive market is facing rising pressures, including ongoing semiconductor shortages, the war in Ukraine, inflation and COVID-19 lockdowns in China (the world's leading consumer of cobalt), as well as supply chain constraints.Īccording to a report, demand for cobalt from electric vehicles (EV) has maintained momentum in Q2 2022, but headwinds are slowing growth rates. However, metallurgy is not the only application where this critical material is used: battery making is the most important other application involving manganese, which is used in some lithium-ion and alkaline batteries.Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Australia, South Africa, Brazil, China, and Gabon are among the main producers of manganese ore. The commodity is thus listed as a critical material by the U.S. In 2018, 100 percent of the manganese used in the United States was imported from other countries. In order to produce steel, the United States imports approximately 700,000 metric tons of metals, ferroalloys, and selected chemicals containing manganese every year. Recently, there has also been a widening gap between low- and high-grade manganese ore variants.Īn essential agent in steelmaking, manganese is most commonly used to improve either the strength or ductility of steel. This would be a stark contrast to the time period between 20, when volatility was roiling the market. Review of selected global mineral industries in 2011 and an outlook to 2017 Open-File Report 2013-1091 Statistical. Metal Prices in the United States through 2010 Scientific Investigations Report 2012-5188. dollars per metric ton unit CIF between 20. Cobalt One hundred years of cobalt production in the Democratic Republic of the Congo Resources Policy, Volume 79, December 2022. Global manganese prices are expected to remain flat at around 4.5 U.S.
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