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2021 Metal Prices Year in Review
PRECIOUS METALS |
|
Year End
31.Dec.21 |
|
Year to Date
% Change |
Year End
31.Dec.20 |
| GOLD |
|
$1,830 |
|
-3.5% |
$1,898 |
| SILVER |
|
$23.30 |
|
-11.6% |
$26.36 |
| |
|
|
|
|
|
| BATTERY METALS |
|
|
|
|
|
| CATHODE |
|
|
|
|
|
| LITHIUM METAL |
|
$77.10 |
|
142.3% |
$31.82 |
| LITHIUM CARBONATE (Li₂CO₃) |
|
$16.67 |
|
393.2% |
$3.38 |
| LITHIUM HYDROXIDE (LiOH.H₂O) |
|
$13.45 |
|
327.1% |
$3.15 |
| COBALT (Co) |
|
$31.96 |
|
77.7% |
$17.98 |
| COBALT SULFATE (CoSO₄) |
|
$6.55 |
|
73.5% |
$3.77 |
| COBALT CHLORIDE (CoCl₂) |
|
$8.01 |
|
81.4% |
$4.41 |
| NICKEL OXIDE (NiO) |
|
$9.38 |
|
27.7% |
$7.35 |
| NICKEL SULFATE (NiSO₄) |
|
$2.28 |
|
6.9% |
$2.13 |
| NICKEL CHLORIDE (NiCl₂) |
|
$2.72 |
|
16.9% |
$2.33 |
| VANADIUM PENTOXIDE (V₂O₅) |
|
$7.10 |
|
14.5% |
$6.20 |
| VANADIUM PENTOXIDE (V₂O₅) |
|
$7.60 |
|
47.6% |
$5.15 |
| ANODE |
|
|
|
|
|
| GRAPHITE (C) |
|
$0.88 |
|
-2.8% |
$0.90 |
| GRAPHITE (C) |
|
$0.51 |
|
22.9% |
$0.42 |
| GRAPHITE (C) |
|
$0.46 |
|
32.1% |
$0.35 |
| GRAPHITE (C) |
|
$0.30 |
|
9.1% |
$0.28 |
| |
|
|
|
|
|
| ENERGY METALS |
|
|
|
|
|
| URANIUM |
|
$ 30.40 |
|
1.3% |
$ 30.00 |
| |
|
|
|
|
|
| PLATINUM GROUP METALS |
|
|
|
|
|
| PLATINUM |
|
$963 |
|
-9.1% |
$1,059 |
| PALLADIUM |
|
$1,845 |
|
-24.8% |
$2,453 |
| RHODIUM |
|
$13,300 |
|
-21.5% |
$16,950 |
| IRIDIUM |
|
$5,900 |
|
126.9% |
$2,600 |
| RUTHENIUM |
|
$390.0 |
|
39.3% |
$280.0 |
| RHENIUM |
|
$37.17 |
|
23.1% |
$30.19 |
| |
|
|
|
|
|
| BASE METALS |
|
|
|
|
|
| NICKEL |
|
$9.45 |
|
25.5% |
$7.54 |
| COPPER |
|
$4.43 |
|
25.9% |
$3.52 |
| ALUMINUM |
|
$1.28 |
|
41.9% |
$0.90 |
| ZINC |
|
$1.63 |
|
31.8% |
$1.24 |
| LEAD |
|
$1.05 |
|
18.6% |
$0.89 |
| |
|
|
|
|
|
| HEAVY RARE EARTH METALS |
|
|
|
|
|
| EUROPIUM (III) OXIDE (Eu₂O₃) |
|
$12.80 |
|
-7.1% |
$13.78 |
| GADOLINIUM OXIDE (Gd₂O₃) |
|
$29.79 |
|
155.1% |
$11.68 |
| TERBIUM (Tb) |
|
$928.5 |
|
55.1% |
$598.8 |
| TERBIUM OXIDE (Tb₄O₇) |
|
$728.4 |
|
241.5% |
$213.3 |
| DYSPROSIUM (Dy) |
|
$239.5 |
|
48.4% |
$161.4 |
| DYSPROSIUM OXIDE (Dy₂O₃) |
|
$189.6 |
|
49.0% |
$127.3 |
| ERBIUM (Er) |
|
$362.9 |
|
198.3% |
$121.7 |
| ERBIUM OXIDE (Er₂O₃) |
|
$22.64 |
|
102.9% |
$11.15 |
| YTTRIUM (Y) |
|
$18.37 |
|
36.6% |
$13.45 |
| YTTRIUM OXIDE (Y₂O₃) |
|
$5.09 |
|
278.0% |
$1.35 |
| SCANDIUM OXIDE (Sc₂O₃) |
|
$25,678 |
|
22.5% |
$20,956 |
| BATTERY GRADE MISCHMETAL |
|
$13.45 |
|
41.4% |
$9.51 |
| |
|
|
|
|
|
| LIGHT RARE EARTH METALS |
|
|
|
|
|
| LANTHANUM (La) |
|
$1.82 |
|
-2.6% |
$1.87 |
| LANTHANUM OXIDE (La₂O₃) |
|
$0.57 |
|
-10.3% |
$0.64 |
| CERIUM (Ce) |
|
$1.95 |
|
8.2% |
$1.80 |
| CERIUM OXIDE (CeO₂) |
|
$0.60 |
|
-8.5% |
$0.66 |
| PRASEODYMIUM (Pr) |
|
$76.77 |
|
107.1% |
$37.07 |
| PRASEODYMIUM OXIDE (Pr₂O₃) |
|
$57.74 |
|
142.8% |
$23.79 |
| NEODYMIUM (Nd) |
|
$68.57 |
|
68.5% |
$40.68 |
| NEODYMIUM OXIDE (Nd₂O₃) |
|
$59.71 |
|
79.3% |
$33.30 |
| SAMARIUM OXIDE (Sm₂O₃) |
|
$1.74 |
|
130.4% |
$0.75 |
| |
|
|
|
|
|
| MINOR METALS |
|
|
|
|
|
| ANTIMONY (Sb) |
|
$10,777 |
|
36.4% |
$7,900.00 |
| ARSENIC (As) |
|
$ 1,171.75 |
|
15.7% |
$1,012.6 |
| BERYLLIUM (Be) |
|
$ 831.80 |
|
4.5% |
$ 795.64 |
| CADMIUM (Cd) |
|
$ 2,567.73 |
|
10.9% |
$ 2,314.58 |
| GALLIUM (Ga) |
|
$ 315.36 |
|
11.8% |
$ 282.09 |
| GERMANIUM (Ge) |
|
$ 1,056.03 |
|
5.8% |
$ 998.16 |
| INDIUM (In) |
|
$ 184.44 |
|
0.4% |
$ 183.72 |
| MAGNESIUM (Mg) |
|
$ 2,169.92 |
|
0.7% |
$ 2,155.45 |
| MANGANESE (Mn) |
|
$ 4.63 |
|
5.7% |
$ 4.38 |
| MERCURY (Hg) |
|
$ 108.0 |
|
8.0% |
$ 100.0 |
| MOLYBDENUM OXIDE (MoO₃) |
|
$ 27.00 |
|
30.4% |
$ 20.70 |
| NIOBIUM (Nb) |
|
$ 82.46 |
|
21.3% |
$ 67.99 |
| SELENIUM (Se) |
|
$ 26.33 |
|
73.3% |
$ 15.19 |
| SILICON (Si) |
|
$ 1,974.62 |
|
5.8% |
$ 1,866.13 |
| TELLURIUM (Te) |
|
$ 82.75 |
|
17.9% |
$ 70.16 |
| TUNGSTEN (W) |
|
$ 38.48 |
|
15.7% |
$ 33.27 |
| ZIRCONIUM (Zr) |
|
$ 20.54 |
|
5.2% |
$ 19.53 |
From price increases for manufactured goods, to backed-up Sea Ports, to a "shortage of everything", 2021 had its share of challenges. While precious metals underperformed industrial metals, battery metals seemed to have hit escape velocity in 2021. Precious metals will likely lead in 2022 as the ‘transitory inflation’ discussion itself becomes transitory, and the realities of worldwide monetary debasement set in.
Battery metals were red hot throughout 2021 as the world charged towards electrification and zero emission vehicles. Lithium Metal prices soared to record levels with Cobalt and Nickel following closely behind. Lithium Carbonate and Lithium Hydroxide were the highest percentage gainers of all metals surveyed in 2021. Cobalt Sulfate and Cobalt Chloride could also now extend gains in 2022 after almost doubling in price this past year.
The intense price dynamic seen for battery metals in 2021 has resulted from faster than expected growth in demand for electric vehicles. This faster growth, in turn, results from increasing government electric vehicle mandates which have been made without consideration for real world material supply constraints. Battery metal demand will likely climb further as more grid-scale energy storage developments are required and approved. Supply side constraints will continue, however, as mine discovery, engineering and permitting timelines limit supply-elasticity and as prospects for recycled materials remain significantly below new demand requirements.
Copper consumption in China powered price gains for the red metal throughout 2021. Copper prices gained +25% in dollar terms during 2021, boosted by firm demand from the world’s top buyer China and supply disruptions in the world’s top supplier Chile. China will continue to play an important role in the copper market. The country accounts for about half of global primary consumption, with most of this imported copper in turn destined for manufactured export goods.
A recap of metal price performance in 2021 is not complete without a review of the Rare Earth Metal markets. Both Heavy and Light Rare Earth Metals had some significant price moves in 2021 driven by several factors including: widening supply and demand imbalances, burgeoning applications for new energy vehicles and specialist magnetic materials, Chinese policy guidance and Chinese based SOE market control mandates. It is expected that the next five years will bear witness to a widening gap between supply and demand for Praseodymium and Neodymium Oxide in particular.
Source: Mineralprices.com
Reported by Kay Samnani. Supported by Christopher J. Berlet BSc, CFA.
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