market.“The transition to a hydroxide dominated prevailing price becomes more evident when you look at the global supply outlook,” the document states. “With only 25% of refined products annually produced in metal form, the balance has been in favour of chemicals for some years, largely focussed on the battery market. This is even more evident when looking at the supply of intermediate products, with cobalt hydroxide accounting for 70% of unrefined supply in 2020.”For BMI, the different elements that make up this context, namely, the battery industry crave for cobalt hydroxide, any perceived tightness as the world moves into 2021 and positive demand sentiment, are responsible for supporting cobalt prices in 2020. Indeed, cobalt metal prices (cobalt battery metal, min 99.8%, EXW Europe, USD/lb) have risen 15% from July 2020 to the most recent data published at the end of October 2020. Benchmark’s cobalt hydroxide prices (100% Co contained basis, CIF Asia), on the other hand, have risen from a low of $21,600/tonne in April 2020, at the peak of concern of falling demand linked to the pandemic, to $27,150/tonne as assessed at the end of October 2020, an increase of 25.7% QUOTE.
COB steadily growing towards long term aim IMO.
https://www.mining.com/cobalt-demand-from-battery-industry-expected-to-grow-in-the-next-five-years-report/
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