Cobalt is transition metal element which found in the Earth’s crust only in chemically combined form and its simple substance is generally produced by reductive smelting, is a hard lustrous, and silver-grey metal. Mine production of Cobalt is concentrated in Democratic Republic of Congo, where more 70% of production occurred in 2020. Refined production of Cobalt is concentrated in China, where more 69% of production occurred in 2019.
Cobalt use in permanent is small relative to overall Cobalt demand, which is dominated by batteries and specialty steel. According to the statistics, batteries accounted for approximately 60% of world Cobalt demand in 2019, compared to only 4%for permanent magnets. Applications of Cobalt in permanent magnet industry include the earliest commercially available AlNiCo magnets and Samarium Cobalt magnets. Most AlNiCo magnets utilize recycle Cobalt as raw material and have limited demand for primary Cobalt. Samarium Cobalt magnets have relatively huge demand on primary Cobalt. The Cobalt content in AlNiCo magnets and Samarium Cobalt ranges from 0-42wt% and 48-67wt%. Therefore, Cobalt price trend has significantly influence on the price movement of AlNiCo magnets and Samarium Cobalt magnets.
