China will produce 60% of the world’s cobalt by 2025. This forecast was given on: Finance Times. Cobalt is an important element in batteries that power all electronic devices.
Currently, China accounts for 54% of the total production of this metal. The figure exceeds analysts’ estimates. This value was expected to be 50% in the next two years.
Last year, Chinese mining and metals company CMOC overtook Swiss trading company Glencore to become the world leader in cobalt production. At the same time, the total metal production volume in the world increased by 17% for 12 months compared to 2022.
Meanwhile, China started lose ground in the global electronics market. India is imposing increasing competition on China. The latter significantly increased supplies to the UK and the US, as well as Australia, Canada and New Zealand, within two years.
Previously reportedIt was stated that China will purchase a record amount of flour from Russia.