Global cobalt market strategic planning outlook update - Q2 2024

The cobalt market remained weak over Q2 despite a brief uplift amid the talks around China’s stockpiling of strategic critical minerals. In the near to medium term, we believe the price will remain subdued in response to a comfortably supplied market outlook. In the long term, we anticipate that the market will become relatively balanced on the back of strong demand growth and resource depletion across key producing jurisdictions. Recycling, therefore, will play an important strategic role and is likely to account for around 60% of total feedstock supply in 2050. However, various caveats, including lack of government incentives, concerns over feedstock consistency and processing capacity could constrain the actual ramp up of recycled production.