钴价格已从两年前的峰值下跌了约70%。这种金属可用于电动汽车电池和航空合金。Cobalt oversupply may continue until 2026.
According to the financial news app, Intelligent Finance, Glencore (GLNCY.US), the world's second largest cobalt miner, said that due to new production exceeding demand, cobalt oversupply may continue until 2026.
Chief Executive Officer Gary Nagle of Glencore said on Wednesday: "It may take 18 to 24 months to digest these excess inventories." He said the company had stopped hoarding inventory and had begun to sell some inventory.
Cobalt prices have fallen about 70% from their peak two years ago. This metal can be used in electric vehicle batteries and aviation alloys.
Glencore has two large copper-cobalt projects in Congo. Nagle said the company may increase production at its African Mutanda project when the market is balanced.
The Swiss company also responded to the weak prices by cutting production at the Mutanda project. Cobalt is a by-product of the mine's copper mining.
