Refined nickel inventories in ShFE warehouses were last at 4,859 tonnes, close to a record low of 4,455 tonnes in August 2021.

According to Fastmarkets, offers for lithium carbonate continue to rise in China, mainly due to the increased demand from the ramp-up of lithium-iron-phosphate battery production.

Mining international waters is in the spotlight as companies and countries are looking at minerals concentrated on the ocean floor that can be used in batteries for smart phones and electric vehicles.

But the global cobalt supply chain is set to remain highly geographically concentrated in the coming years, Fitch says.