Chart - the tide is about to turn?, page-80

Cobalt raw materials imports reduced at thebeginning of 2021, driving cobalt prices rising

- Recent supports for the rise of cobalt prices are mainly due to: market rumors of newly confirmed and dead cases in the Congo (DRC) mining area; the decision to shut down the cities in Zimbabwe has not affected the cross-border transport of cobalt raw materials but concerns about the expected impact remain; and the post-holiday shipping schedule and container bookings in South Africa are more tense than before the holidays. Therefore, cobalt raw materials import is expected to decrease in February or even March. On other hand, the positive demand for battery materials, Spring Festival stocking, storage support, tight raw materials inventory and higher costs, are all supporting prices increasing in battery materials industry. (Source: SMM, January 7)