International Cobalt prices soar as China stockpiles metal used in phones, electric cars : worldnewsMarch 15, 2021
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Miller said some major refiners in China had scaled back metal production in favour of cobalt chemicals “Due to the strength of downstream demand from the battery industry and the healthy premium that existed for cobalt sulphate over metal across February”.
With several metal producers in China, notably Huayou Cobalt and Yantai Cash, scaling back production to focus on chemicals, “The availability of cobalt metal is expected to tighten further over the coming weeks, driving further upwards pressure on prices”, Benchmark said in note to investors.
Global reserves of cobalt stand at about 7 million tonnes, about half of them in the DRC.As about 70 per cent of all globally mined cobalt is transported between the DRC and China via ports in South Africa, problems arose in January when Pretoria closed them in a bid to contain a. The situation eased when South Africa reopened 20 border crossings last month.