Latest Update in the China Cobalt Market

On January 18, the Department of Energy Conservation and New Energy Vehicle Industry Development held an inter-ministerial meeting to summarise the work in 2021, analyse and study the current situation, and work out key tasks in 2022.

According to CITIC Securities, on the background of carbon peaking and carbon neutrality, the battery swap mode will without doubt become the new force to promote the popularity of new energy vehicles (NEVs), which is an effective complement to NEV charging.

CATL introduced its battery swap service brand EVOGO and the turnkey solution on January 18.

On the supply side, domestic cobalt sulphate was in supply deficit in December, which stood at 13 mt in metal content in the month. The supply is expected to return to surplus in January with an amount of 163 mt in metal content.

Domestic output of LFP stood at 410,000 mt in 2021, up 179% year-on-year, according to SMM statistics.

BYD and Servicios y Operaciones Mineras del Norte have each won the mining right of 80,000 mt of lithium in a 400,000 mt tender launched by the Ministry of Mines of Chile in October, and the result was announced on 12 January.

According to Tesla, its Tesla Shanghai gigafactory delivered 484,130 units of NEVs in 2021

The domestic power battery output totalled 28.2 GWh in November, up 122% on the year and 12% on the month.