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13.03.25 - 09:27
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EV-Critical Battery Metal Cobalt Soars As Congo′s Export Ban Disrupts Supply Chains (ZeroHedge)
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EV-Critical Battery Metal Cobalt Soars As Congo's Export Ban Disrupts Supply Chains
The Democratic Republic of Congo's four-month suspension of cobalt exports has driven up prices of the critical metal, which is heavily used in lithium-ion batteries—the backbone of the renewable energy industry.
New Fastmarkets data shows that a pound of cobalt hydroxide—the main product exported from the DRC, the world's top producer—has surged 84% since the DRC suspended exports last month to counter a market glut that had pressured prices to multi-year lows. Prices reached $10.50 per pound on Tuesday, the highest level since July 2023. The price of cobalt metal has also soared 43%
Chart courtesy of Bloomberg.
Telf AG, the marketing agent for cobalt mined in the DRC by Eurasian Resources Group, has invoked force majeure clauses in its supply contracts, allowing it to suspend deliveries due to the export ban outside its control.
Telf told customers that the impact ban is still being assessed...
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