Cobalt N-1 supply and demand balances in the Stated Policies Scenario, 2035

Notes

kt = thousand tonnes. N-1 supply and demand are on a refined basis. N-1 supply excludes the production volumes from the largest producer from the total global supply, and N-1 demand excludes consumption of that country from the total global demand. Demand is based on primary supply requirements which is total demand net of secondary supply.