Caixin
Jun 22, 2022 03:30 AM
BUSINESS

Cobalt Gets Cheaper as China’s Buyers Suffer From Battery Slump

The benchmark price for cobalt in Europe has slid more than 13% since a peak in May
The benchmark price for cobalt in Europe has slid more than 13% since a peak in May

(Bloomberg) — Cobalt prices are crashing back to earth as sellers offer increasingly steep concessions to Chinese buyers that have turned cold on the battery metal as demand slumps in electric vehicles and smartphones.

The benchmark price for cobalt in Europe has slid more than 13% since a peak in May, and an even sharper decline in Chinese prices signals the sell-off could have further to run. Buyers in the country are racing to renegotiate supply deals to stem heavy losses arising from an unusual disconnect between domestic and international prices, according to cobalt traders and buyers.

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