Nearly 99% of Domestic Cobalt Resources Rely on Imports

SHANGHAI, Oct 11 (SMM) - Among the components of power batteries, there are many substances that are far more expensive and scarce than lithium, such as "cobalt". Since 2020, with the rapid development of new energy vehicles, the prices of cobalt have also been on the rise. Data shows that as of October 8, 2021, the domestic spot cobalt prices have risen from a low of less than 240,000 yuan/mt in April last year to more than 380,000 yuan/mt, an increase of nearly 60%.

In fact, compared to lithium, cobalt is a real scarce resource, with nearly 99% of domestic cobalt resources relying on imports. Data show that in 2020, the global cobalt proven reserves are about 7.1 million mt, with about 50% located in the DRC; while China has proven cobalt reserves of about 80,000 mt, accounting for only about 1% of the total global reserves.