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halve","china-to-stockpile-cobalt-metal-after-prices-more-than-halve","article/china-to-stockpile-cobalt-metal-after-prices-more-than-halve",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":661,"featured":51,"reporter":662,"_editable":666,"component":667,"seo_title":543,"categories":668,"visibility":680,"author_company":49,"featured_image":681,"seo_description":661,"author_full_name":49,"author_job_title":49,"formattedDate":685,"formattedArticleDate":686},"5dd0e0e4-704e-4608-821d-50ba82ec986b","2023-07-05 00:00",[550],{"slug":551,"name":552},"cobalt-prices","Cobalt prices",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":564,"content":565},"doc",[566,583,588,600,605,610,619,626,631,636,641,646,651,656],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570,573,581],{"text":571,"type":572},"China will buy 5,600 tonnes of cobalt metal in the next six months for its national reserves, according to Benchmark, in a move that could support ","text",{"text":574,"type":572,"marks":575},"prices",[576],{"type":577,"attrs":578},"link",{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/price-assessments/cobalt/","url",{"text":582,"type":572},", which have more than halved over the past year. ",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"The National Food and Strategic Reserves Administration has agreed to buy cobalt metal at a price of 280,000 RMB ($34,507) a tonne from four suppliers, Benchmark understands. ",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591,593,598],{"text":592,"type":572},"Cobalt metal prices have more than halved since peaking in April 2022 and are down 27% so far this year, according to Benchmark’s ",{"text":594,"type":572,"marks":595},"Cobalt Price Assessment",[596],{"type":577,"attrs":597},{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},{"text":599,"type":572},". They were last assessed at $14.95 a pound ($32,959 per tonne), according to Benchmark.",{"type":567,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":572},"“While the market anticipated an SRB purchase going into the second half of 2023, the speed and scale of the purchase is unprecedented,” said Roman Aubry, analyst with Benchmark.",{"type":567,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":572},"The wider cobalt market is expected to remain in a supply surplus of 17,000 tonnes this year, according to Benchmark Cobalt Forecast. While the volume includes all cobalt chemistries it is still significant as SRB’s move is expected to take out nearly a third of the wider stockpile. ",{"type":567,"attrs":611,"content":612},{"textAlign":49},[613],{"type":614,"attrs":615},"image",{"id":49,"alt":616,"src":617,"title":49,"source":49,"copyright":49,"meta_data":618},"","https://a.storyblok.com/f/287943243085208/0f8d98747c/bm-cobalt-prices-chart1.png",{},{"type":620,"attrs":621,"content":623},"heading",{"level":622,"textAlign":49},4,[624],{"text":625,"type":572},"Sustained surplus",{"type":567,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":572},"The global cobalt market is expected to be in supply surplus until the end of 2026 due to new supply from Chinese processing projects in Indonesia as well as expansion by China’s CMOC in the Democratic Republic of the Congo. But battery demand for cobalt will push the surplus to deficit from 2027 onwards.",{"type":567,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":572},"Currently, the Democratic Republic of Congo mines over 70% of the world’s cobalt feedstock.",{"type":620,"attrs":637,"content":638},{"level":622,"textAlign":49},[639],{"text":640,"type":572},"Previous SRB purchases",{"type":567,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":572},"In September 2020, the last time the SRB purchased cobalt, it bought 2,000 tonnes of metal in a move which drove international prices up by 14% according to Benchmark.",{"type":567,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":572},"A price for 280,000 RMB would be above the market price in China of between RMB 260,000 to RMB 270,000 a tonne, making it a good deal for sellers. ",{"type":567,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":572},"Many cobalt refiners are now buying cobalt sulphate to produce metal due to the profit margin, according to Benchmark. ",{"type":567,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":572},"Still, Daniel Fletcher-Manuel, head of prices at Benchmark, said that while prices may react positively, the “fundamentals don’t lend themselves to a dramatic upward correction.” ","China will buy 5,600 tonnes of cobalt metal in the next six months for its national reserves, according to Benchmark, in a move that could support prices, which have more than halved over the past year. The National Food and Strategic Reserves Administration has agreed to buy cobalt metal at a price of 280,000 RMB […]",[663],{"slug":555,"name":556,"content":664},{"job_title":558,"image":665,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5dd0e0e4-704e-4608-821d-50ba82ec986b\", \"id\": \"\"}-->","article",[669,672,674,677],{"slug":670,"name":671},"batteries","Batteries",{"slug":673,"name":115},"cobalt",{"slug":675,"name":676},"critical-minerals","Critical Minerals",{"slug":678,"name":679},"geopolitics","Geopolitics","private",{"id":49,"alt":616,"name":616,"focus":616,"title":616,"source":616,"filename":682,"copyright":616,"fieldtype":683,"meta_data":684,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bb7cdd80f1/bm-cobalt-photograph-for-source-from-harry.jpg","asset",{"alt":616,"title":616,"source":616,"copyright":616},"Jul 05, 2023","5th July 2023",[],[],1781799355649]