Published on November 13, 2024 at 06:37. / Modified on November 13, 2024 at 06:44.
Could a turning point be emerging in the energy transition? The price of cobalt, long presented as essential to electric vehicle batteries, is in free fall. The metal, whose ton traded at 80,000 dollars in spring 2022, is now worth only 25,000. Even the Chinese group CMOC, its main producer ahead of the Zug-based Glencore, recognized last week that its importance had largely declined.
Prices have fallen for several reasons. CMOC has significantly increased production over the past two years as demand showed signs of fatigue. Particularly in China, where almost all of the metal is refined and where the economy is struggling.
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