Hyperdrive
China Cobalt Buyers Use Global Glut to Challenge Pricing
- CMOC and ERG said to agree to sell more against Chinese price
- Oversupply in cobalt market gives Chinese buyers more power
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China’s battery industry has seized on a glut in the global cobalt market to push through a change in the way the commodity is priced.
A rapid expansion of cobalt mining in Democratic Republic of Congo and Indonesia has output racing ahead of demand, dragging down global prices. It’s also prompted a push by squeezed Chinese refineries to win changes in how cobalt is bought and sold.