Cobalt prices have fallen 30% to between CNY285,000 per mt ($ 38,300 ) and CNY285,000 per mt , due to a long-term supply glut, as well as consolidation and an ending of subsidies in the Chinese electric vehicle sector. Major cobalt manufacturers Glencore , China Molybdenum and Huatai Securities are planning to ramp up output this year , with 30% set to be added to the 2021 global supply figure of 145,400 tons . Huatai Securities predicted the glut would last into 2018 , before the market tightened again.
Cobalt prices have fallen around 60% to between CNY257,000 ($38,300) and CNY285,000 per mt, due to a long-term supply glut, as well as consolidation and an ending of subsidies in the Chinese electric vehicle sector. Major cobalt manufacturers Glencore, China Molybdenum and Eurasian Resources Group are planning to ramp up output this year, with 30% set to be added to the 2018 global supply figure of 145,400 tons. Huatai Securities predicted the glut would last into 2021, before the market tightened again.