Chinese cobalt prices fall sharply in December
Slowing electric vehicle sales and weakening demand led to cobalt prices in China falling sharply in December. The end of EV subsidies in China — and an expected further decline of nickel-manganese-cobalt battery production, especially for the more cobalt-intensive chemistries — underlie the 2.1% downgrade to the consensus forecast for the LME cobalt price in 2023. A subdued outlook for the global economy, along with affordability challenges, will weigh on consumer electronics sales and disproportionately affect EV sales in Europe and the U.S., where cobalt-containing batteries are more widely used.
https://www.spglobal.com/marketintelligence/en/news-insights/research/consensus-price-forecasts-recessionary-fears-dampen-metals-price-outlook