China Plans Biggest Ever Cobalt Purchases For State Reserves
- Stockpiling agency could buy around 15,000 tons: sources
- Critical material is cheapest it has been in nearly five years
Cut cobalt cathodes.
Photographer: Jasper Juinen/BloombergThis article is for subscribers only.
China is preparing to snap up a record volume of cobalt for its state reserves this year, with prices of the battery material languishing near their lowest levels since 2019.
The National Food and Strategic Reserves Administration — which oversees the country’s official commodities stockpiles — is preparing to buy around 15,000 tons of refined cobalt, according to people familiar with the matter, who declined to be named.