Posted 12/7/2023, 11:00:00 PM
Chinese mining companies ramp up Congo cobalt output, adding to global oversupply and price plunge
- Chinese mining companies sharply increasing cobalt output in Congo to expand market share and pressure prices
- China is world's largest cobalt importer, accounting for over 60% of global imports
- Prices have plunged from $81,790/ton in April 2022 to $33,140 currently due to oversupply
- China's CMOC Group boosted cobalt output 144% in first 3 quarters of 2023, on track to overtake Glencore
- China looking to take advantage of low prices to build up strategic cobalt reserves, though may not move market much