“The underlying reason behind this is straightforward: while giga-factories pop up at record speeds, developing industrial-scale mines still takes 10-15 years on average,” he said. But according to Sobotka, cobalt supply was increasingly unable to keep pace with demand. “Even demand from traditional cobalt metal end-use sectors, which account for around one-quarter of overall consumption, looks set to undergo a boom this year, spurred by the recovery of the aerospace sector,” he said. Sobotka noted that the use of cobalt-bearing lithium-ion batteries is burgeoning across a spectrum of end-use sectors, from mobile electronics to e-mobility and battery energy storage systems. “We firmly believe that future EV sales will continue to exceed analysts’ expectations, driven by governments’ ambitious adoption goals and manufacturers’ aggressive sales targets,” he added.īased on these announcements, ERG forecasts that EV sales should account for more than half of the automotive market by 2030, far exceeding consensual estimates of around 30%. “Yet it is now a reality, and the pace of EV adoption shows few signs of losing momentum, being supported by the global transition to a greener future,” he said. “While it seems ‘obvious’ to us today that much of the tightness is underscored by stellar demand growth from the EV segment,” Sobotka said, “just a year ago, most of us would have sniggered with disbelief at the prospect of EV sales more than doubling in 2021. Fastmarkets assessed the price of cobalt, standard grade, in-whs Rotterdam, at $34.20-34.60 per tonne on January 27, up from US$18.50-19.30 per tonne on the corresponding date last year. There were no discernible signs of any fundamental easing, he said, and prices remained on an upward trajectory while consumers struggle to secure the few available spot units - a situation that will persist, in his opinion. To get price data, news and forecasts for the battery materials market, get in touch today.Global cobalt prices are set for new highs in 2022 and beyond, according to the CEO of diversified mining company Eurasian Resources Group ( ERG).īenedikt Sobotka said that the surging price of the metal, which rose by 119% in 2021, was giving a very clear message: the market is severely short of cobalt, a key ingredient in the batteries that power electric vehicles (EVs). Battery Recycling Outlook to provide forecasts to 2030 to leverage the increasing recycled supply.Risk management tools to help secure rates and reduce exposure to price volatility.Battery Cost Index to gain in-depth insights into the cost of lithium-ion cell components.Long-term forecasts that give supply/demand balances and price forecasts to 2032.Short-term forecasts to help navigate the volatile market and negotiate spot and contract pricing.Price data that shows the market-reflective value of each battery material.Subscribing to our battery materials insights will give you access to: Investment, expanded production, new projects, evolving technology and the recycling market will all be key to supporting the EV and ESS markets. Supply/demand balances will be tight, with the latest half of the decade to 2032 moving into a deficit. With continued growth in the EV market, we have seen the demand for and price of these vital battery materials soar. The critical materials used in manufacturing batteries for electric vehicles (EV) and energy storage systems (ESS) – including lithium, cobalt, nickel, graphite and manganese – play a vital role in our move towards a zero-carbon future.
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