BMI expects total cobalt demand at 177,500 tonnes this year, of which 104,000 tonnes will be consumed by the battery sector. "Chinese imports of cobalt hydroxide only increased 2.5% to 82,100 tonnes last year from 2020, meaning domestic stocks were drawn down considerably," said Benchmark Mineral Intelligence analyst Caspar Rawles. Lithium deficits likely for some years.Chinese consumers draw down cobalt stocks.Nickel stocks in LME warehouses down 65% since last April.On February 3, Reuters reported: "Electric vehicles drive up nickel, cobalt and lithium prices. This will boost demand for copper, aluminum, cobalt and other battery metals for renewable energy, transport and construction in "the biggest purchase order in the history of the mining industry: the amounts are just staggering," he said. Annual investments in decarbonization of $750 billion-$1 trillion globally are foreseen in coming decades in a bid to keep to Paris Agreement 1.5 degree Centigrade global warming targets. Energy transition is a driving trend "with all the ingredients of a new supercycle," according to Sobotka. Aluminum price could see 30+-year high in 2022. Recycling to kick in when initial EV wave completes lifespan. Mainly primary metals to be used for 10-15 years. INTERVIEW: ERG's Sobotka says metals prices on rising trend until recycling takes off in 15 years. The situation in the global cobalt market is such that prices could climb to new highs through 2022 and beyond, according to the chief executive officer of diversified mining company Eurasian Resources Group (ERG). UBS forecasts Year battery metals go into deficit ((UBS))Ģ021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3xĢ021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 ((IEA))Ĭobalt outlook bullish through 2022 and beyond, ERG CEO says. UBS forecasts Year battery metals go into deficit
UBS's EV metals demand forecast (from Nov. UBS cobalt supply and demand forecast (Fortune Minerals) UBS cobalt supply and demand forecast - Growing deficits from 2023 ( Source) Cobalt demand v supply forecasts Ĭobalt spot prices - 5-year chart - USD 31.97 More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fast Markets MB. LME Cobalt inventory is 259 tonnes, about the same as 261 last month. Cobalt price newsĪs of February 19, the cobalt spot price was slightly higher at US$31.97/lb, from US$31.71/lb last month. The past month saw a busy month for cobalt news as the industry continues to do well boosted by strong cobalt prices. Welcome to the February 2022 cobalt miner news.
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