Read More An in-depth look at how China’s electric-vehicle craze is driving the rush for Congo cobalt Tumbling prices in the current state of oversupply is already beginning to take a toll on Chinese ore producers and makers of related products. Cobalt prices have fallen around 20 % to between CNY257,000 ( $ 25 ) 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 Power Group are expected to ramp up output this year , with 30 tons set to be added to the 2018 global production figure of 145,400 tons . Huatai Securities predicted the glut would last into 2021 , before the market tightened again .
Cobalt prices have fallen around 20 % to between CNY257,000 ( $ 25 ) 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 Power Group are expected to ramp up output this year , with 30 tons set to be added to the 2018 global production figure of 145,400 tons . Huatai Securities predicted the glut would last into 2021 , before the market tightened again .