Global Critical Minerals Outlook 2025: Recently, the Global Critical Minerals Outlook 2025 highlighted that despite rising demand, critical mineral prices fell in 2024 due to a supply surge from China, Indonesia, and the Democratic Republic of the Congo (DRC).
၀ Production of lithium, cobalt, nickel, and graphite has doubled compared to late 2010s levels.
၀ Prices have returned to pre-pandemic levels, reversing 2021–22 spikes.
၀ Lithium: Down 80% since 2023 (after 8x rise in 2021–22).
၀ Graphite, cobalt, nickel: Prices fell by 10–20% in 2024.
၀ Lithium: Demand up 30% in 2024 (vs. 10% average in 2010s).
၀ Nickel, cobalt, graphite, rare earths: 6–8% growth.
၀ Driven by:
- EVs and battery storage
- Renewable energy and grid infrastructure
- In China, grid expansion is now the largest driver of copper demand.
၀ 85% of battery metal demand growth is energy-related.
၀ Raise consumer prices and reduce industrial competitiveness
၀ Widen manufacturing cost gaps between regions, especially disadvantaging producers outside China
၀ Undermine global efforts to diversify battery supply chains if cost disparities persist.
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