Global cobalt strategic planning outlook - Q2 2023
A period of surplus is set to emerge against a backdrop of elevated feedstock stocks and strong mine production growth from Q4 2023, putting downward pressure on cobalt metal and chemical prices over the medium term. From 2029, demand is forecast to outstrip supply, requiring new feedstock supply from both primary and secondary sources. Significant investment is also required to add over 60 ktpa of Co processing capacity between 2030 and 2050. Increased supply and environmental risks will keep cobalt prices volatile over the outlook period, but future price cycles will become more sustained and smoother with lower peaks and higher troughs as the market matures.