The great Chinese power lifts force majeure over cobalt sulfate deliveries

Dec.31 (Reuters) – Chinese producer of battery materials Greatpower has restarted production of cobalt sulfate in China’s Zhejiang province and lifted its force majeure event, the company’s president said on Friday after a shutdown of more than two weeks due to the fight against coronaviruses.

Greatpower said on Dec. 13 it was declaring force majeure on deliveries to customers of cobalt sulfate, a key ingredient in electric vehicle (EV) batteries, after actions taken by authorities in Shaoxing City in Zhejiang to contain the spread of COVID-19 have forced production to stop.

Chairman Cao Dongqiang told Reuters that Greatpower, which has the capacity to produce 3,000 tonnes per month of cobalt sulfate in Shaoxing, resumed production three days ago. Production has already reached 80% of the pre-shutdown level, he added.

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Zhejiang recorded only one imported case of COVID-19 on December 30 and no locally transmitted infections, as China‘s efforts to combat the virus are now focused on Shaanxi province. Read more

China cobalt sulfate prices are currently at more than three-year highs of 101,000 yuan ($ 15,877) per ton, according to Asian Metal, after gaining 11% this month due to production shutdowns and climbed around 77% in 2021 as demand for electric vehicles picks up. of the pandemic.

($ 1 = 6.3613 yuan Chinese renminbi)

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Reporting by Tom Daly. Editing by Jane Merriman

Our Standards: Thomson Reuters Trust Principles.

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