South Korean media: China is the largest producer and consumer of cobalt products globally!
On November 1, South Korean media "The Guru" published an article stating that China is becoming an important participant in the global cobalt supply chain. Despite not having a high output of cobalt ore, China has significant influence through large-scale production of cobalt-based products.
According to the recent cobalt industry analysis report released by the Korea Trade-Investment Promotion Agency (KOTRA), China was evaluated as the largest producer and consumer of cobalt products.
Cobalt is a silver-white metal element, known as "white petroleum" due to its rarity. It is also found in copper and lead ores, mainly as a byproduct of copper and nickel mining. Cobalt's excellent strength and heat resistance make it suitable for manufacturing high-temperature alloys and permanent magnets. In recent years, with cobalt being a key raw material for lithium-ion battery cathodes, demand for cobalt has been increasing.
The Democratic Republic of the Congo (DRC) is the country with the largest cobalt reserves in the world, with approximately 6 million tons of cobalt reserves, accounting for 54.5% of the global reserves. Along with Australia and Indonesia, they account for 84.5% of the global reserves.
The DRC also has the highest cobalt mine production in the world. Last year, the country's cobalt mine production was approximately 290,000 tons, accounting for 75% of the global production. China's cobalt mine production was 2,200 tons, ranking 12th in the world.
However, China's refined cobalt production last year was approximately 11,400 tons, ranking first globally. China imports cobalt raw materials from the DRC, Zambia, and Indonesia for the production of cobalt products. Its main products include cobalt salts (86.2%), cobalt metal (6.9%), and cobalt powder (6.3%).
China is conducting cobalt production projects in mines in the Democratic Republic of the Congo and Indonesia.
It is expected that China's dominant position in the cobalt supply chain will further strengthen. The report predicts that by 2030, China's dominance will rise from 43% last year to 46%.
Original: www.toutiao.com/article/1847573972638803/
Statement: This article represents the views of the author.