![]() This is part of the Communist government’s plans to increase sales of new EVs to 20 per cent by 2025.įSCRIR said China will easily achieve the 2025 sales target for EVs. China EVs targetĭemand for EVs is likely to remain robust in China next year as Beijing has extended subsidies for new EVs till 2022-end. ![]() The metal’s offtake has been boosted this year by China where production of electric vehicles (EVs) almost tripled to 1.8 million during January-August this year. Is a ‘mini-cycle’ in the commodities sphere emerging?įSCRIR said over the next three years, cobalt prices will be boosted by a steadily increasing demand, while production will remain stable. In March 2018, cobalt increased to a record $95,250 a tonne. Over the past month, the metal has gained over 11 per cent. In July this year, its prices had hit a 3-½-year high of $71,750. Trading Economics Website also expects a drop in the average price of cobalt over the next 12 months.Ĭurrently, cobalt is quoted at $70,500 a tonne with the metal gaining 119 per cent since the start of the year. However, S&P Global Market Intelligence has projected that cobalt prices will drop 8.3 per cent next year as it expects supplies to increase while supply chain bottlenecks are expected to ease.įastmarkets has projected cobalt prices to remain elevated next year but lower from current levels. The firm has based its view on demand from battery manufacturers outstripping supply despite a healthy pipeline of cobalt projects set to come online from 2023 onwards. Research firm Fitch Solutions Country Risk and Industry Research (FSCRIR) expects the uptrend in cobalt prices to remain over the next 2-3 years. Demand for electric vehicles (EVs) and the global transition to the green economy will boost demand for cobalt, but research firms and analysts are divided over how the blue metal’s prices will behave next year.
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