We expect China's exit from its zero-COVID policy to benefit the global supply chain and medium- to long-term growth outlooks, despite near-term disruptions caused by new waves of cases, post-reopening.China's cobalt metal price decline accelerated in December on a disproportionate drop in nickel-manganese-cobalt, or NMC, battery production and more cautious inventory management.16, weakening the cost support for lithium chemical prices. The spodumene auction settlement price fell 3.2% Dec.The monthly lithium carbonate CIF Asia price increase slowed to 2.5% month over month in November to $62,500 per tonne, from the staggering 22.0% spike in October.
In Europe, passenger PEV sales are benefiting from a bounce-back in the overall car market in November and a jump in the penetration rate before year-end.December provides a narrow window for catch-up sales before the national PEV subsidy ends, although sales are currently challenged by surging COVID-19 cases. China's passenger plug-in electric vehicle, or PEV, sales fell below expectations in November as COVID-19 lockdowns affected more of the key auto-buying regions than in October.S&P Global Commodity Insights discusses the lithium and cobalt markets within the broader macroeconomic environment and provides five-year supply, demand and price forecasts.
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