Reported 19 days ago
The CMOC Group Ltd., the world’s largest cobalt miner, warns about the declining significance of cobalt in electric vehicle (EV) batteries, predicting that its proportion in EV batteries will drop to 31% in 2024 from 44% two years ago due to the rise of cheaper cobalt-free lithium iron phosphate (LFP) batteries. This shift, coupled with overproduction leading to falling cobalt prices, poses challenges for CMOC, which has been expanding production while its competitor Glencore has reduced output. Analysts forecast a bearish outlook for cobalt prices as new refining capacities come online in China and Indonesia.
Source: YAHOO