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From Fortune’s cobalt news.

[Jim1712]

Cobalt 

US select committee recommends creation of critical mineral reserve to protect domestic industry

Fastmarkets - December 14, 2023

 

This recommendation, along with others like promoting domestic battery recycling and research funding for alternative battery chemistries, ...

The US House of Representatives Select Committee on Strategic Competition between the US and Chinese Communist Party recommended congress to authorize the creation of a critical mineral “Resilient Resource Reserve,” it said in a report with around 150 policy recommendations published on Tuesday December 12.The adoption of such a reserve is intended to “insulate American producers from price volatility and (the People’s Republic of China’s) weaponization of its dominance in critical mineral supply chains,” according to the report…Such a reserve would be used to sustain the price of a critical mineral when prices fall below a certain threshold and would be replenished through contribution from companies when prices are “significantly” higher, the report stated…The fund would target critical metals where there is high price volatility, low US domestic production and import dependence on China. Cobalt,manganese, light and heavy rare earths, vanadium, gallium, graphite, germanium and boron are critical minerals that fall under that category, according to the report…The recommendation would have to first be drafted into a bill, before being debated and voted on in both US congressional chambers and approved by the US president before being implemented…Participants in the cobalt market, which has seen a sustained decrease in prices and oversupply the past few months, said that they welcomed the recommendations…Cobalt is used in nickel cobalt manganese (NCM) electric vehicle batteries as well as in rotating parts for jet engines. There are also defense and medical applications for cobalt metal…Fastmarkets’ daily price assessment for cobalt standard grade, in-whs Rotterdam was $13.10-14.40 per lb on Wednesday, down from $18.30-19.95 at the start of the year. The midpoint of the price is at its lowest since August 2019.

Cobalt 

US select committee recommends creation of critical mineral reserve to protect domestic industry

Fastmarkets - December 14, 2023

 

This recommendation, along with others like promoting domestic battery recycling and research funding for alternative battery chemistries, ...

The US House of Representatives Select Committee on Strategic Competition between the US and Chinese Communist Party recommended congress to authorize the creation of a critical mineral “Resilient Resource Reserve,” it said in a report with around 150 policy recommendations published on Tuesday December 12.The adoption of such a reserve is intended to “insulate American producers from price volatility and (the People’s Republic of China’s) weaponization of its dominance in critical mineral supply chains,” according to the report…Such a reserve would be used to sustain the price of a critical mineral when prices fall below a certain threshold and would be replenished through contribution from companies when prices are “significantly” higher, the report stated…The fund would target critical metals where there is high price volatility, low US domestic production and import dependence on China. Cobalt,manganese, light and heavy rare earths, vanadium, gallium, graphite, germanium and boron are critical minerals that fall under that category, according to the report…The recommendation would have to first be drafted into a bill, before being debated and voted on in both US congressional chambers and approved by the US president before being implemented…Participants in the cobalt market, which has seen a sustained decrease in prices and oversupply the past few months, said that they welcomed the recommendations…Cobalt is used in nickel cobalt manganese (NCM) electric vehicle batteries as well as in rotating parts for jet engines. There are also defense and medical applications for cobalt metal…Fastmarkets’ daily price assessment for cobalt standard grade, in-whs Rotterdam was $13.10-14.40 per lb on Wednesday, down from $18.30-19.95 at the start of the year. The midpoint of the price is at its lowest since August 2019.