The MINING.COM EV Metal Index, which tracks the value of battery metals in newly registered passenger electric vehicles (including hybrids) around the world, hit a record high in September, rebounding from lows in two years struck at the height of the pandemic. in April.
According to data from Adamas Intelligence, which tracks demand for EV batteries by chemistry, cell supplier, and capacity in more than 90 countries, there was a massive sequential jump in battery feedstock deployed in September.
Lithium used in newly sold electric vehicles nearly doubled from September 2019 to just over 9,500 tonnes, according to the Toronto researcher. Deployment of nickel and cobalt cathode materials has exploded 88% and 67% year over year, while 96% more graphite was deployed in anodes compared to the same month in 2019.
All of the materials tracked by the index set new monthly records, with cobalt exceeding 2,000 tonnes and nickel exceeding 9,000 tonnes in one month for the first time.
The use of battery metals was not only driven by the overall increase in sales of electric vehicles during the month, but also by the relative outperformance of fully electric cars, which saw the total battery capacity of electric vehicles sold. increase by 86% to more than 15,000 MWh, depending on the Adamas battery capacity monitoring.
This, combined with a strong rally in cobalt since the start of the year and a recovery in the price of nickel used in battery supply chains, brought the value of the MINING.COM EV Metal index to 315 million. dollars for the month, breaking the previous record. in December of last year nearly $ 70 million.
At $ 1.52 billion year-to-date, the index has now wiped out its deficit compared to the same period last year and barring unexpected changes in subsidies in China or strict lockdowns in Europe , 2020 is set to be another banner year for the nascent industry.