Commodity Market Report

Global Cobalt Strategic Planning Outlook - Q2 2022

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30 June 2022

Global Cobalt Strategic Planning Outlook - Q2 2022

Report summary

The cobalt market is forecast to double in size by 2050, underpinned by growth from batteries and superalloys. Expansions of existing Congolese mines, ramp ups of Indonesian HPALs and battery recycling can potentially put the cobalt market into medium-term surplus, depressing metal and feedstock prices. However, headwinds from the increasing stringency of ESG, heightened geopolitical tensions across key producing countries and huge uncertainty facing battery recycling will keep the price from going into free fall. A new price cycle is needed around 2026 to incentivise investment into both mine projects and recycling as base case intermediate supply will fall short of demand requirements.

Table of contents

  • Cobalt prices will fall back from current levels before increasing again to over US$26/lb in the late 2020s

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    Global Cobalt Strategic Planning Outlook - Q2 2022

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