In the components of power batteries, there are many more expensive and scarce substances than lithium, such as cobalt. At present, cobalt is still an important raw material of power batteries. Since last year, the price of cobalt has been rising all the way, with an increase of more than 60% in a year and a half, especially since 2020, with the rapid development of new energy vehicles.
Data show that as of October 8, the price of domestic spot cobalt has risen from the low of less than RMB 240,000 yuan/ton in April last year to more than 380,000 yuan/ton, an increase of nearly 60%
It is understood that cobalt is a real scarce resource compared with lithium, and nearly 99% of Chinese domestic cobalt resources depend on imports. In 2020, the global proven cobalt reserves are about 7.1 million tons, about 50% of which are distributed in the Democratic Republic of the Congo, while China’s proven cobalt reserves are about 80,000 tons, accounting for only about 1% of the total global reserves.
At present, cobalt is mainly used in four industries, including lithium-ion battery materials, superalloys, key parts used in high-end aerospace equipment, color glaze used in ceramics, rubber, tires and petroleum catalysts.
