Global trade news, government announcements

China to Make Record Purchase of 15,000 Tons of Cobalt for State Reserves at Cheapest Prices in Five Years

May 23, 2024, 05:44 PM

China is preparing to make its largest-ever purchase of cobalt for its state reserves, aiming to buy up to 15,000 metric tons of the battery material. This move comes as cobalt prices are near their lowest levels since 2019, making it the cheapest in nearly five years. The National Food and Strategic Reserves Administration is expected to source the cobalt from local Chinese producers over the next few months. The planned acquisition underscores China's strategic efforts to secure critical materials amid fluctuating global markets, with a record volume being targeted.