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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM 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":709,"relatedVideos":710},112472106486727,"0e85014e-fbe7-4073-bb13-6204848cf1b8","Cobalt prices fall 40% as weak global economy hits smartphone sales","cobalt-prices-fall-40-as-weak-global-economy-hits-smartphone-sales","article/cobalt-prices-fall-40-as-weak-global-economy-hits-smartphone-sales",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":685,"featured":51,"reporter":686,"_editable":690,"component":691,"seo_title":543,"categories":692,"visibility":701,"author_company":49,"featured_image":702,"seo_description":685,"author_full_name":49,"author_job_title":49,"formattedDate":707,"formattedArticleDate":708},"abcf4a8a-dc66-4882-8aee-1559db671235","2022-12-09 00:00",[550],{"slug":551,"name":552},"drc","DRC",[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",[566,573,578,583,588,593,598,605,610,615,620,625,630,635,640,645,650,655,660,665,670,675,680],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"Cobalt prices have fallen by two-fifths since April, as a weakening global economy has hit demand for consumer electronics such as smartphones, which contain the metal in their batteries.","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Cobalt metal prices have fallen by 42% to $22.95 a pound since reaching a four year high in April, according to Benchmark’s Cobalt Price Assessment. Prices fell by 9% in November compared to the prevoius month. ",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":572},"“Cobalt prices are very much driven by sentiment,” said Cameron Hughes, analyst with Benchmark.",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"Global smartphone sales have shrunk this year as consumers have struggled with rising inflation due to Russia’s war in Ukraine and continuing Covid-19 restrictions in China. The type of lithium ion batteries used in smartphones contain more cobalt per kilogram than those used in electric vehicles. ",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":572},"In 2022 global battery demand from the portable electronics sector is set to reach 66.8 GWh, a decline of 4% year-on-year, according to Benchmark’s Lithium Ion Battery Database. The decline is driven by laptops and consumer electronics. ",{"type":567,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":572},"“A lot of people bought smartphones during the Covid lockdowns and haven’t replaced them this year and the impacts of Covid in China are continuing to linger along with the darkening global economic outlook,” Greg Miller, an analyst at Benchmark said. ",{"type":599,"attrs":600,"content":602},"heading",{"level":601,"textAlign":49},4,[603],{"text":604,"type":572},"EVs replace phones as driver of cobalt demand ",{"type":567,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":572},"Cobalt demand from the electric vehicles sector has now overtaken that of the portable sector due to the slowdown in the consumer electronics sector, according to Benchmark.",{"type":567,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":572},"The share of lithium cobalt oxide batteries (LCO), typically used in consumer electronics, is expected to slip to just about 9% of the total lithium ion battery market by the end of this year, from 13.2% in 2021, according to Benchmark Cobalt Forecast.",{"type":567,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":572},"That share is expected to retreat to just about 2% by the end of the decade.",{"type":567,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":572},"In addition, while electric vehicle batteries now make up the majority of global cobalt demand, automakers are switching to using more lithium iron phosphate (LFP) cells, which use no cobalt. ",{"type":567,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":572},"In China, where LFP has the biggest market share, as of November 38.6% of batteries produced were NCM/NCA and 61.4% were LFP. The average market share for LFP this year is 60.1% and it was 54.7% last year.",{"type":567,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":572},"Cobalt supply increases",{"type":567,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":572},"The weakening in consumer demand comes as supply of cobalt has increased this year, following the restart of Glencore’s Mutanda mine in the Democratic Republic of the Congo last year. ",{"type":567,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":572},"The London-listed company is set to produce around 45,000 tonnes of cobalt this year, a jump of 44% over 2021. ",{"type":567,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":572},"China’s CMOC, the world’s second largest cobalt producer, has also increased production this year, although its exports have been blocked for five months due to a dispute with the state-owned mining company Gecamines over royalty payments. ",{"type":567,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":572},"Gecamines believes that CMOC understated the amount of reserves at its Tenke Fungurume copper and cobalt mine and is seeking between $2 billion to $2.5 billion in cash and an enlarged stake of between 49% and 51% in Tenke Fungurume Mining, Reuters reported this week. ",{"type":567,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":572},"CMOC has said it may take legal action against Gecamines due to the restrictions on its exports, Reuters separately reported. ",{"type":567,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":572},"Both Glencore and CMOC have mines in the DRC and together account for about 37% of the global production.",{"type":567,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":572},"Further, in Indonesia, significant investment into developing high-pressure acid leach (HPAL) projects in 2022 has made mixed nickel-cobalt hydroxide precipitate (MHP) a cost-effective, alternative source of cobalt to DRC hydroxide.",{"type":567,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":572},"Two operating HPAL nickel processing projects are forecast to produce more than 6,000 tonnes of cobalt contained in MHP this year, further adding to the surplus in the near term.",{"type":567,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":572},"“While the prices are not driven by supply alone, there was obviously more material that was produced this year. There was quite a big increase,” Hughes said.",{"type":567,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":572},"Cobalt supply is forecast to increase to 170,000 tonnes this year, a growth of 10% year-on-year. In contrast, Benchmark forecasts cobalt demand will reach 165,000 tonnes by the end of the year, implying the cobalt market would return to a surplus of about 5,000 tonnes. A supply surplus is forecast until the end of the decade.","Cobalt prices have fallen by two-fifths since April, as a weakening global economy has hit demand for consumer electronics such as smartphones, which contain the metal in their batteries. Cobalt metal prices have fallen by 42% to $22.95 a pound since reaching a four year high in April, according to Benchmark’s Cobalt Price Assessment. Prices […]",[687],{"slug":555,"name":556,"content":688},{"job_title":558,"image":689,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"abcf4a8a-dc66-4882-8aee-1559db671235\", \"id\": \"\"}-->","article",[693,696,698],{"slug":694,"name":695},"batteries","Batteries",{"slug":697,"name":115},"cobalt",{"slug":699,"name":700},"critical-minerals","Critical Minerals","private",{"id":49,"alt":703,"name":703,"focus":703,"title":703,"source":703,"filename":704,"copyright":703,"fieldtype":705,"meta_data":706,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/2b94e8b0b3/bm-glencore-ktanaga-copper-mine-drc1.jpg","asset",{"alt":703,"title":703,"source":703,"copyright":703},"Dec 09, 2022","9th December 2022",[],[],1781280283674]