SHANGHAI, Feb 8 (SMM) - In 2023, the global cobalt market is prone to slip into a supply surplus, with supply growth outpacing demand expansion. The refined cobalt prices thus will show a downward trend.
On the supply side, multiple new projects will be launched to ramp up the capacity, including projects owned by Glencore and China Molybdenum as well as the Indonesian Nickel and Cobalt Project. The global cobalt supply in 2023 is expected to be 236,000 mt in metal content, with a growth rate of 12%.
On the demand side, the demand from the electronics sector will weaken, and the ternary batteries for NEV market will be gradually replaced by LFP batteries while at the same time relying more on low-cobalt materials. As a result, the cobalt demand in 2023 will see a slowdown in growth by increasing 15% to 223,000 mt in metal content.
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