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Cobalt Battery Boom Wavers as Prices Slide in Top User China

  • Cobalt chemical prices plunge more than 20% from April high
  • Battery makers aren’t placing large orders for third quarter
Updated on

Cobalt is facing its first major test since an impending demand boom from electric vehicles triggered a two-year surge, with prices retreating in top consumer China amid signs there’s still enough material to go around.

The price for cobalt sulfate -- the chemical form used in car batteries and consumer electronics -- fell last week to its lowest since January, and is down more than 20 percent from an April peak, according to researcher Asian Metal Inc. Meanwhile, benchmark cobalt metal is also softening after reaching the highest level in a decade earlier this year, Metal Bulletin data show.