MOSCOW, Oct 30 (Reuters) – Demand for cobalt used to make rechargeable batteries that power electric cars has not yet translated into a tighter market, according to Russia’s Norilsk Nickel, a major producer of the metal.
Materials used to make the batteries will be a key topic of discussion during LME Week, a gathering of the metal industry in London this week.
“The price is higher but there is no tense situation with cobalt supply now,” Anton Berlin, Nornickel’s head of strategic marketing, told Reuters in an interview.
“Everyone is looking into the future, looking at the charts of future demand for electric cars and when they start to transform them into cobalt, they see gold mines. But it is a vision of the future.”
Prices for cobalt metal COB-CATH-LON, used in production of electric vehicle batteries, have tripled to nine-year peaks above $30 a lb from below $10 a lb in late 2015.