And I think there's a cobalt stockpile to be depleted somewhere....

And I think there's a cobalt stockpile to be depleted somewhere. Some Russian guy has been buying it all up for the last few years I read somewhere. Once a price is agreed it'll go I suppose, some time before any increased production really kicks in, is my guess, because demand outstrips supply in a magnitude likely to outdwarf this Russians warehouse. He'll likely get a good price for it but not as much as he wanted. Usually the way.

Musk was probably trying to promote a perception of lesser demand than is really the case, as part of a negotiating strategy over the skyrocketing price trajectory.