Renewables/GOES MMI: Re|Source, Tesla partner on cobalt supply chain pilot
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Renewables/GOES MMI: Cobalt prices bounce back in June, early July
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Renewables Monthly Metals Index (MMI) dipped by 0.8% for this month’s index reading.
The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.
(Editor’s note: This report also includes the MMI for grain-oriented electrical steel, or GOES.)
Cobalt price falls
Earlier this year, the LME cobalt price surged as high as nearly $53,000 per metric ton.
As Stuart Burns noted last month, battery demand helped drive up the cobalt price in the first quarter.
However, the second quarter has been a different ballgame.
The LME cobalt price closed Monday at $42,500 per metric ton, or down approximately 20%.
The
Renewables Monthly Metals Index (MMI) traded flat for this month’s reading, as cobalt prices have surged so far this year.
(Editor’s note: This report also includes the MMI for grain-oriented electrical steel, or GOES.)
The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.
Rising cobalt prices
Earlier this month, MetalMiner’s Stuart Burns delved into the rise of electric vehicles. Furthermore, he also zeroed in on rising EV demand’s impact on prices, particularly for critical battery metals like cobalt.
For EV manufacturers, the challenge lies in cobalt supply, cost and ethics. A majority of the world’s cobalt is mined in the Democratic Republic of the Congo, where the documented use of child labor in artisanal mining operations poses significant ethical problems.