Cobalt's battery-powered boom in 2022 on EV demand surge busts

Pound for pound, the batteries used in laptops, phones and tablets contain much more cobalt than EV batteries, and demand from the industry has fallen about 30% to 40% over the past year

A blistering rally in the cobalt market is turning into a rout, putting pressure on miners and offering tentative cost relief for carmakers after a surge in battery metal prices last year.
 

Cobalt rallied sharply early in 2022 as demand for electric vehicles surged. But while automotive usage is still rising, there’s been a sharp drop-off in buying from another key sector — Chinese electronics — and cobalt prices have crashed more than 50% since a peak in May.

Pound for pound, the batteries used in laptops, phones and tablets contain much more cobalt than EV batteries, and demand from