Cobalt Prices Plunge to Eight-Year Low Amid Chinese Supply Surge

Source: Fastmarkets, Cobalt 99.8% Co min, ex-works China, yuan/tonne

The price of cobalt, a critical metal used to manufacture electric vehicle batteries, has sunk to an eight-year low in Chinese trading. Analysts say the downturn is due to a combination of increased Chinese output of the blue metal and slumping demand for cobalt-powered batteries.

EV makers in China and elsewhere are increasingly turning to more affordable cobalt-free batteries, such as lithium phosphate (LFP) and sodium-ion batteries.

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by Eric Olander

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