2022-05-26-钴研究所-2021年钴市场报告（EN）_46页_1mb

2021 was a year of significant growth in the cobalt market, with demand increasing by 22% year-on-year to 175,000 tonnes, driven predominantly by the lithium-ion battery sector and electric vehicles (EVs), which for the first time surpassed all other end uses to account for 34% of demand. Supply rebounded by 12% to 160,000 tonnes, with the Democratic Republic of the Congo (DRC) supplying over 74% of mined cobalt. Despite supply growth, tight market conditions and logistics constraints led to prices doubling from $16/lb to $32/lb for European metal, averaging a $2.5 discount relative to Chinese prices. The market outlook anticipates continued rapid demand growth, potentially reaching 320,000 tonnes by 2026, but supply constraints, including demand-side factors and potential medium-term deficits from 2024 onward, may limit availability. Ongoing supply chain bottlenecks, geopolitical risks such as the war in Ukraine, and the need for responsible sourcing remain key concerns.