![]() ![]() It is a transition metal and is ferromagnetic. Cobalt is a chemical element with symbol Co and atomic number 27. She said that overall cobalt demand was benefiting from a broader-based recovery in 2021 in the metallurgical sector and in PEVs, with the aerospace sector seeing increased deliveries - Airbus and Boeing up 51.5% year on year - in the first nine months of 2021, although these were still down 23.8% compared with pre-pandemic levels in the same period of 2019. Aside from some notable spikes it tends to trade around 15 USD per pound. "There are no signs that trade logistics are easing, with inland and port inefficiencies in South Africa exacerbated by a global vessel shortage, shipping delays, and higher fees. ![]() ![]() 24, the highest level since December 2018, caused by tightening logistical bottlenecks that hampered trade flows and material availability. and, with a Mercruiser Mag 350 Bravo Three, enough power to pull everything. "A stronger supply ramp-up through to 2024 will sustain a market surplus during the period, pressuring prices," Yu said in the report.Īccording to S&P Global Platts assessments, European 99.8% cobalt metal prices have risen 88.7% since the start of 2021 to $30/lb IW Europe Nov. MI forecast total cobalt demand to rise to 195,000 mt in 2022, up from 132,000 mt in 2020 and an estimated 170,000 mt in 2021.Īlthough, with supply also climbing, the overall cobalt market balance was expected to return to a surplus of 1,000 mt in 2022, after moving into an estimated deficit of 8,000 mt in 2021 from a surplus of 4,000 mt in 2020. Learn more about the specifications for each price and view the trend of volatility by expanding each price (click More), or click through to the price landing page for a view of the tools available to. On the demand side, Yu estimated that cobalt demand would continue growing as higher plug-in electric vehicle sales offset the impact of cobalt thrifting in batteries. Argus price assessments cover the most active trading regions for each commodity. Total cobalt supply was forecast to total 196,000 mt in 2022, up from 136,000 mt in 2020 and an estimated 164,000 mt in 2021. Usually, futures markets develop with most activity concentrated on the short end of the forward curve. MI Senior Analyst, Metals & Mining Research Alice Yu said in the report that supply growth in the Democratic Republic of Congo and normalizing supply chain bottlenecks forecast for the first half of 2022 were expected to ease the supply tightness experienced in 2021. As of July 1, 2021, open interest was 1,780 MT, the equivalent of about 100m notional value. The rapid growth of electric vehicles and large-scale battery storage applications is expected to drive increasing demand for cobalt and with it, greater price risk. Receive daily email alerts, subscriber notes & personalize your experience. To meet the growing need for efficient risk management, CME Group has launched Cobalt Metal (Fastmarkets) futures. ![]()
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