Insight
|
October 29, 2025
|
4 minute read
Cobalt use in EV batteries continues to shrink
Commenting on rising prices following the Democratic Republic of Congo’s export restrictions, top global cobalt producer CMOC warned that the new quota system could lead to demand destruction and carries the risk of increased substitution.
When the EV market became the number one source of cobalt demand a few years ago and prices began to rise rapidly, vehicle OEMs and battery manufacturers set out to do just that.
Cobalt thrifting has become an abiding feature of the EV market, and the rapid adoption of LFP cathode chemistries, coupled with the trend towards high-nickel batteries, has been a drain on demand for years.
