32% of the world’s cobalt output went to China, according to the latest annual report published by The Cobalt Institute, an industry-financed organization. In addition to being the largest consumer of cobalt, China is also the dominant producer of refined cobalt that is used to manufacture electronics and batteries for new energy vehicles among other products.
China alone accounted for 67% of refined cobalt production in 2020, according to the institute, nearly seven times as much as the next closest competitor, Finland.
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