Cobalt’s battery-powered boom has turned to bust

Cobalt’s battery-powered boom has turned to bust: A blistering rally in the cobalt market is turning into a rout, putting pressure on miners and offering tentative cost relief for carmakers after a surge in battery metal prices last year. Cobalt rallied sharply early in 2022 as demand for electric vehicles surged. But while automotive usage is still rising, there’s been a sharp drop-off in buying from another key sector – Chinese electronics – and cobalt prices have crashed more than 50% since a peak in May.