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Oversupply, low prices for cobalt to persist in 2024 as demand slips

December 27, 2023 Comments Off

A cobalt surplus, along with flagging demand, will keep prices down in 2024 as production continues to increase and battery producers turn to more affordable options. There was a cobalt deficit of 8,000 mt in 2021, according to S&P Global Commodity Insights research. Mining companies started ramping up production to meet demand from the electric vehicle sector, and the cobalt…