Global cobalt market seen swinging to deficit from surplus in early 2030s
Demand for cobalt will rise faster than supply, allowing the market to reduce the 2024 surplus in coming years and swing to a deficit in the early 2030s, the Cobalt Institute said in a research on Wednesday. In the short term, the future of the cobalt market depends on what the Democratic Republic of Congo (DRC), the world's top producer of the mineral used to make the lithium-ion batteries that power electric vehicles, decides to do after its four-month export ban, imposed in late February.
Demand for cobalt will rise faster than supply, allowing the market to reduce the 2024 surplus in coming years and swing to a deficit in the early 2030s, the Cobalt Institute said in a research on Wednesday.
In the short term, the future of the cobalt market depends on what the Democratic Republic of Congo (DRC), the world's top producer of the mineral used to make the lithium-ion batteries that power electric vehicles, decides to do after its four-month export ban, imposed in late February.
