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COVID Lockdowns Hit Cobalt Prices

A cobalt processing line in the Democratic Republic of the Congo. China controls the bulk of the blue metal supply chain that's critical for manufacturing electric vehicle batteries. AFP.

Chinese cobalt prices fell about 13% from a peak in May as China’s ongoing COVID lockdowns hit demand for electric vehicles. 

The dynamic reveals a gap between the Chinese domestic price for the metal and how that price is calculated globally. The effect is that cobalt miners are offering growing concessions to keep Chinese buyers from canceling supply deals. 

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