China is taking advantage of the cobalt price crash to boost its reserves, Bloomberg has reported. China’s National Food and Strategic Reserves Administration plans to buy ~2,000 tons of cobalt, according to people familiar with the matter. Chinese refiners rely heavily on DRC cobalt mines, although Indonesia is quickly emerging as a large producer. After hitting an all-time high of $81,790/metric ton in April 2022, cobalt prices have declined nearly 60% to $33,140/ metric ton amid lackluster global demand and surging supply from Indonesia,…
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