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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":743,"relatedVideos":744},112471285189074,"fcea5d54-e27e-4ae7-aeaa-6adc5550573a","Cobalt hydroxide prices tumble as Tenke mine in DRC restarts exports","cobalt-hydroxide-prices-tumble-as-tenke-mine-in-drc-restarts-exports","article/cobalt-hydroxide-prices-tumble-as-tenke-mine-in-drc-restarts-exports",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":723,"featured":51,"reporter":724,"_editable":728,"component":729,"seo_title":543,"categories":730,"visibility":736,"author_company":49,"featured_image":737,"seo_description":723,"author_full_name":49,"author_job_title":49,"formattedDate":741,"formattedArticleDate":742},"49c96961-d84a-40a1-a1be-702aad4e389d","2023-05-26 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",[566,573,588,601,606,611,620,625,630,637,650,655,660,673,678,683,688,693,698,703,708,713,718],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"Cobalt hydroxide prices have fallen by four-fifths since last April, due to large stockpiles in the supply chain and weaker demand in China this year. ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576,578,586],{"text":577,"type":572},"Asian cobalt hydroxide prices have fallen 78% to $16,446 per tonne as of mid-May 2023 from $76,145 per tonne at their peak in April 2022, according to ",{"text":579,"type":572,"marks":580},"Benchmark’s Cobalt Price Assessment",[581],{"type":582,"attrs":583},"link",{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/price-assessments/cobalt/","url",{"text":587,"type":572},". ",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591,593,599],{"text":592,"type":572},"The fall comes as China Molybdenum’s Tenke Fungurume copper and cobalt mine in the DRC begins ",{"text":594,"type":572,"marks":595},"exports of material this month after a 10-month ban was lifted",[596],{"type":582,"attrs":597},{"href":598,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/cobalt-stockpile-set-to-enter-market-as-cmoc-gecamines-drc-dispute-resolved",{"text":600,"type":572}," by the DRC government. ",{"type":567,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":572},"The estimated 16,000 tonnes of cobalt hydroxide that CMOC had amassed during the export ban is now able to sell into the market. ",{"type":567,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":572},"The company’s Kisanfu mine is also set to start production this year, with supply expected to be around 10,000 tonnes, according to Benchmark. The smaller Somika mine in the DRC is also expected to restart production this summer. ",{"type":567,"attrs":612,"content":613},{"textAlign":49},[614],{"type":615,"attrs":616},"image",{"id":49,"alt":617,"src":618,"title":49,"source":49,"copyright":49,"meta_data":619},"","https://a.storyblok.com/f/287943243085208/286a93ecb5/bm-cobalt-prices-social-chart-180523-1.png",{},{"type":567,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":572},"The lower prices will put further pressure on mining companies, as copper prices have also fallen this year. Prices for copper have fallen to their lowest level since November, at $8,080 a tonne, according to the London Metal Exchange. ",{"type":567,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":572},"At such low costs, higher-cost producers are likely to lose money and may be forced to mothball capacity to cut costs.",{"type":631,"attrs":632,"content":634},"heading",{"level":633,"textAlign":49},4,[635],{"text":636,"type":572},"DRC supply ",{"type":567,"attrs":638,"content":639},{"textAlign":49},[640,642,648],{"text":641,"type":572},"Between July last year and April, exports of cobalt hydroxide from the ",{"text":643,"type":572,"marks":644},"Tenke Fungurume copper and cobalt mine in the DRC",[645],{"type":582,"attrs":646},{"href":647,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/the-340-million-stockpile-weighing-on-the-global-cobalt-market",{"text":649,"type":572}," were suspended by the Congolese government over a royalty dispute between China’s CMOC and the DRC state-owned Gécamines.",{"type":567,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":572},"Despite this, production of cobalt hydroxide at the mine and across the DRC remained high with stocks continuing to grow.",{"type":567,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":572},"In addition, after cobalt prices hit record highs in April last year, cobalt hydroxide producers also amassed large stockpiles of the material.",{"type":567,"attrs":661,"content":662},{"textAlign":49},[663,665,671],{"text":664,"type":572},"But when ",{"text":666,"type":572,"marks":667},"demand from electric vehicle batteries fell",[668],{"type":582,"attrs":669},{"href":670,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/cobalt-prices-tick-up-4-in-march-but-lack-of-battery-demand-weighs-on-market",{"text":672,"type":572},", so did demand for cobalt leaving producers with fewer places to sell their material and leading to prices to drop significantly, according to Benchmark’s Cobalt Price Assessment.",{"type":631,"attrs":674,"content":675},{"level":633,"textAlign":49},[676],{"text":677,"type":572},"By-product of copper",{"type":567,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":572},"For the most part, cobalt is a by-product of copper mining in the DRC or of nickel mining elsewhere in the world, meaning copper prices may have to fall further before supply is curtailed. ",{"type":567,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":572},"Still, with cobalt prices so low, producers are dumping the cobalt into their mine tailings with the plan to process it at a later date to produce cobalt hydroxide when the price recovers, according to Roman Aubry, an analyst at Benchmark.",{"type":567,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":572},"“No one minded whilst cobalt prices were high because the risk was minimal,” Aubry said.",{"type":567,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":572},"“They wanted to have the tonnage available to sell, when they could, to capitalise on the high-margin environment,” Aubry said.",{"type":631,"attrs":699,"content":700},{"level":633,"textAlign":49},[701],{"text":702,"type":572},"Cobalt sulphate demand lower than expected",{"type":567,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":572},"Lithium prices have recovered this month, with cathode makers purchasing more of the critical battery material.",{"type":567,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":572},"Market participants had expected this to also drive up demand for cobalt sulphate, a feedstock material for cathode production, thus pushing up Chinese sulphate prices. However, this is not the case and cobalt sulphate prices also remain low.",{"type":567,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":572},"Aubry explained that cathode makers may still be oversupplied with cobalt so haven’t needed to purchase additional feedstock as they have with lithium which has historically been the supply bottleneck.",{"type":567,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":572},"As a result of the low appetite for cobalt sulphate from cathode makers, Benchmark’s Cobalt Price Assessment concludes that the “general sentiment is that prices will remain subdued” at least into the third quarter this year.","Cobalt hydroxide prices have fallen by four-fifths since last April, due to large stockpiles in the supply chain and weaker demand in China this year. Asian cobalt hydroxide prices have fallen 78% to $16,446 per tonne as of mid-May 2023 from $76,145 per tonne at their peak in April 2022, according to Benchmark’s Cobalt Price […]",[725],{"slug":555,"name":556,"content":726},{"job_title":558,"image":727,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"49c96961-d84a-40a1-a1be-702aad4e389d\", \"id\": \"\"}-->","article",[731,733],{"slug":732,"name":115},"cobalt",{"slug":734,"name":735},"critical-minerals","Critical Minerals","private",{"id":49,"alt":617,"name":617,"focus":617,"title":617,"source":617,"filename":738,"copyright":617,"fieldtype":739,"meta_data":740,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a0e1de6e6b/bm-glencore-ktanaga-copper-mine-drc2-1.jpg","asset",{"alt":617,"title":617,"source":617,"copyright":617},"May 26, 2023","26th May 2023",[],[],1781799357492]