Lithium-ion batteries increase because of the cobalt market was in chaos in the past months, while chaos would undoubtedly come with higher prices. Cobalt price has increased nearly 100 percent in the whole market since October, 2016. And will continue to rise to a six year high.
The cobalt, main material of batteries
Consequently, as the main material of lithium-ion batteries, cobalt price rising can absolutely result in mobile phone batteries price booming. The graph below highlights the increase in cobalt price over the past year. Especially in late 2016 and early 2017. Let’s find out the reason why cobalt price is increasing.
The fault to the increase in the number of electric vehicles
Surging demand for electric vehicles is expected to push demand for lithium-ion batteries above 400 GWh by 2025, Benchmark Mineral Intelligence says. And lithium-ion batteries contain about 11 kilograms of cobalt, and demand for cobalt is expected to jump from 46,000 tonnes in 2016 to 76,000 tonnes by 2020.
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