Cobalt Market Supply and Demand Forecast in 2023

Published: Feb 8, 2023 09:30

Source: SMM

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In 2023, the global cobalt market is prone to slip into a supply surplus, with supply growth outpacing demand expansion.

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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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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