LME WEEK 2021: Industrially mined cobalt can't respond to demand growth, ERG CEO says. We all need to get our skates on and deliver units of the future to make the electric revolution happen," IGO Limited CEO Peter Bradford said. The timeline to unlock a discovery and build mining projects is much longer - we will reach a time when mining response won't be able to meet demand and run the risk of the mining industry dampening the whole electric vehicle dynamic. As such, we expect prices to remain elevated in 2022, but below current levels.īattery value chain action needed to meet unprecedented demand: panel.Battery raw material demand is expected to be unprecedented in the coming years."It is much easier to build a gigafactory and retool a car factory. The market is thought to be in a slight supply deficit this year and will remain in one next year, but with the giant Mutanda mine set to restart and ramp up again during 2022-23, supply should be able to grow with demand for now. Fastmarkets sees this as a blessing for cobalt because it will reduce the chances of cobalt shortages and unsustainably high prices - it also means shortages are less likely to force OEMs to use non-cobalt chemistries. In addition, the trend is toward using higher nickel weighted-nickel-cobalt-manganese (NCM) batteries, which have lower cobalt content. LFP's gain means slower demand growth for cobalt. In China, LFP batteries' market share climbed to 52% in the first eight months of 2021, up from 39% in 2020 and 33% in 2019. Second generation lithium iron phosphate (LFP) batteries have become increasingly popular in China and look set to be used more extensively outside China too. While cobalt demand has benefited from the strong demand growth from the EV sector, demand will not have been as strong as it could have been because there has been quite a shift in attitudes regarding which lithium-ion battery chemistry EV original equipment manufacturers (OEM) are using. EV sales have been particularly strong this year and are expected to total around 5.8 million, up from 3.3 million in 2020 and 2.4 million in 2019. Strong growth for cobalt, but some headwinds too | LME Week 2021. On October 6 Investing News reported: "Top Canadian cobalt stocks." Australia represents a much lower risk environment if the EU seeks to reduce its dependency on the DRC for cobalt," research firm Fitch Solutions said on Thursday.Īustralia to set up $1.5 billion loan facility for critical minerals projects.Morrison, who visited the United States for a Quad nations meeting last week, said on Saturday the group would work to improve the security of supply chains for critical technologies such as clean energy and ease a global chip shortage. which is seen as a "bright spot" for miners and offtakers seeking to avoid human rights and environmental risks associated with cobalt mining in the DRC. Source: International Energy Agency 2021 report Cobalt market newsĬobalt investments seen shifting from DRC to 'bright spot' Australia. Source: UBS courtesy Carlos Vincens LinkedInĢ021 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 3x UBS forecasts Year battery metals go into deficit UBS's EV metals demand forecast (from Nov. Source: Fortune Minerals (video) and courtesy Benchmark Mineral Intelligence Source: Fortune Minerals company presentationĬobalt demand v supply forecast - Deficits starting in 2026 UBS cobalt supply and demand forecast - Small deficit in 2021 with deficits growing from 2023 Source: Cobalt demand v supply forecasts More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fastmarkets MB.Ĭobalt spot prices - 5-year chart - USD 25.45 LME Cobalt inventory is 271 tonnes, down slightly from last month's 280 tonnes. Despite this, the long-term outlook for cobalt remains solid, as Fastmarkets stated : "Strong growth for cobalt, but some headwinds too." Cobalt price newsĪs of October 22, the cobalt spot price was slightly higher at US$25.45/lb, from US$24.04/lb last month. The past month saw good news relating to Australia as a possible future cobalt source as well as signs China has been thrifting cobalt use in NMC and also shifting more towards LFP batteries. Welcome to the October 2021 cobalt miner news.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |