Chinese Supply Surge Pushes Cobalt Prices to Lowest Point for the Year

Prices for cobalt, a critical resource used to manufacture electric vehicle batteries, touched an eight year low on Friday before recovering a bit to close at the lowest point in 2024.

The market is flooded with the blue metal due to a massive production surge by Chinese mining companies in the Democratic Republic of the Congo. One company in particular, CMOC, increased output in the first half of 2024 by 178%.

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by Eric Olander

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