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| Cobalt |
The London Metal Exchange (LME) has officially approved the listing of Zhejiang Greatpower Co.'s GREATPOWER brand cobalt cathode. Announced on December 17, 2023, this development marks a significant milestone for China's cobalt industry, boosting its global presence and influence in the refined cobalt market.
Expansion and Growing Demand
Since its establishment in 2022, Greatpower's cobalt cathode facility in Shangyu district, Shaoxing city, has maintained an annual production capacity of 2,000 tons. The company plans to double this capacity to 4,000 tons by 2025 to meet increasing global demand for refined cobalt, driven by its critical role in energy storage, electric vehicle (EV) batteries, and high-tech applications.
China’s Expanding Cobalt Production
China continues to dominate the cobalt production landscape, with the nation’s total cobalt metal capacity expected to reach 65,000 tons in 2024 and potentially expand to 80,000 tons by 2025. Industry leaders such as Jinchuan, Huayou, GEM, and Guangxi Yinyi are scaling up operations, while new entrants like CNGR and New Era Group Zhejiang Zhongneng are set to launch production lines.
In 2023, the price premium for cobalt metal over cobalt salts has driven refineries to ramp up production. Greatpower's contributions to this growth, including cobalt sulphate, cobalt chloride, and cobalt cathodes, reflect the industry’s momentum toward meeting both domestic and global demands.
LME Listings: A Gateway to Global Markets
The LME's recognition of Chinese cobalt brands, including Jinchuan, GEM, and now Zhejiang Greatpower, has bolstered China’s position in the international market. These listings provide greater access to global buyers, helping alleviate oversupply in the domestic market while ensuring a balanced global cobalt supply.
With the increasing demand for cobalt in EVs and renewable energy technologies, Greatpower’s expanded capacity and LME listing represent a pivotal advancement for China’s cobalt sector, further cementing its role in shaping the future of global energy solutions.
