China is continuing to have a whipsaw effect on global critical mineral prices — from lithium to cobalt and nickel — and projects in the U.S., according to a new federal study.
The U.S. Geological Survey in its annual mineral commodity summaries report found that prices for battery materials have fallen sharply due to oversupply from dominant producers, including China.
Metals used to make lithium-ion batteries, including cobalt, lithium and nickel, dropped in value by up to 60 percent compared with production values in 2023. In turn, USGS noted, the cratering of prices snarled domestic projects, causing some to halt mining and processing.
China, notably, dominates the mining of cobalt in Congo and nickel mining in Indonesia.