Cobalt price over time1/14/2024 Roughly three out of every four lithium-ion EV batteries contain cobalt - a lot of it. Projections estimate that the global lithium-ion battery market will grow at more than a 10% CAGR between 20 to reach over $50 billion.Īnd lithium-ion batteries need a lot of cobalt. If it has a battery, it’s probably a lithium-ion battery.īut the demand for lithium-ion batteries is still growing at an incredible clip. They’re in electric vehicles, smartphones, laptops, power tools… you name it. Now, unless you live under a rock, you know we need lithium-ion batteries for almost everything these days. But lithium cobalt oxide remains the preferred compound today. And that’s pretty important.īattery chemists also use other metals such as manganese and nickel to make compounds that serve the same purpose. Skipping the chemistry lesson, the cobalt in a rechargeable Li-cobalt battery is what makes the battery rechargeable. The most common lithium compound used today is lithium cobalt oxide, or LiCoO 2. Inside each is a lithium compound that acts as the battery’s cathode material. Well, rechargeable lithium-ion batteries are named for their active ingredients. There are other key metals required to produce them, and one of those vital metals is cobalt.Įver wonder what the “-ion” of “lithium-ion” is? See, lithium-ion batteries aren’t simply hunks of lithium. Leading up to record prices was rapidly increasing demand from lithium-ion battery makers. At last look, cobalt was trading at $36,500 per tonne, over 60% lower than its high back in March 2018. Since then, however, the price of cobalt has pulled back significantly. Prices had increased nearly 300% over the previous 24 months. Back in March 2018, the price of cobalt reached an all-time high of $95,000 per metric tonne. ![]() ![]() Well, much of the financial chatter centered on cobalt prices. You couldn’t go a day without reading about cobalt in the financial news. This time last year, cobalt was the hottest metal on the planet.
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