Jinchuan Group Cut Ex-works Cobalt Prices to RMB 280,000/mt

The average refined cobalt prices stand at 431,500 yuan/mt as of November 30, hitting a record high in the past three years. The booming growth of global NEVs production and sales drives the demand for cobalt. The worsening of COVID in Africa and international shipping led to a continued decline in the imports of cobalt raw materials. According to customs data, China imported 5399 mt of cobalt raw material in metal content in October, a month-on-month decrease of 31% and year-on-year decrease of 49%. The imports of cobalt raw materials totalled 73,700 mt in metal content from January to October, up 3% YoY.

As of the end of June 2017, cobalt metal price nearly doubled from the level seen in early year.

World’s cobalt reserves were 7.10 million tonnes in 2015, with reserves-to-production ratio of 57 years, according to USGS’s Mineral Commodity Summaries.

Recently, China Customs released import and export data of cobalt products in June, and SMM finds following insights.

In 2017, the global cobalt supply is expected to ease and there is high chance to see supply shortage in 2018, SMM predicts at SMM 2nd Cathode Material Conference held on Apr. 7-8.