$ Pricing $
It all comes down to costs

Metals for energy transition: international pricing & top producers
(Ref. for pricing: tradingeconomics.com - access: Jan-2023)
(Ref. for top producers: pubs.usgs.gov/periodicals/mcs2023 - access: Jan-2023)
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Base metals
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Copper: USD 9,000/ton - top producers of contained Cu: Chile, Peru, DRC, China
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Facts: conducts both heat & electricity very well
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Nickel: USD 26,000/ton - top producers of contained Ni: Indonesia, Philippines, Russia, New Caledonia
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Facts: 68% are used in stainless steel. Used in geothermal power plants, EVs, battery cathodes
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Lead: USD 2,870/ton - top producers of contained Pb: China, Australia, U.S., Mexico
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Facts: Lead–acid batteries
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Steel: USD 606/ton - top producers of pig Iron: China, India, Japan, U.S.
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Iron ore: USD 130/ton (Australia, Brazil, China, India)
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​Facts: 98% of iron ore goes into steel-making
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Zinc: USD 3,100/ton - top producers of contained Zn: China, Peru, Australia, U.S.
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Facts: Galvanizing, wind power​
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Battery metals
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Lithium (Li2CO3): USD 70,000/ton - top producers of contained Li: Australia, Chile, China, Argentina
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Facts: Cell phone, laptop, EV, and stationary batteries​
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Cobalt: USD 38,920/ton - top producers of contained Co: DRC, Russia, Australia, Philippines
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Facts: Battery cathode​s
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Graphite: USD 2,281/ton - top producers of natural C: China, Mozambique, Madagascar, Brazil
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Facts: Battery anodes
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Manganese: USD 10,000/ton - top producers of Mn: South Africa, Gabon, Australia, China
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Facts: Ferroalloys, batteries
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Critical metals
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Rare earths oxides: top producers of rare-earth-oxide (REO) equivalent: China, U.S., Australia, Burma
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Neodymium USD 144,000/ton
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Facts: Permanent magnets for electric motors of wind power & EVs
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Rare metals
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Gold: USD 1,860/ounce - top producers of contained Au: China, Australia, Russia, Canada
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Facts: Jewelry (47%), physical bars (17%), electrical & electronics (connectors, contacts) (6%)
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Silver: USD 22/ounce - top producers of contained Ag: Mexico, China, Peru, Australia
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Facts: World’s best conductor, used in electronics, solar panels etc. Around 10% of global silver use is for solar PV (cost of silver accounts for 10% of the PV module mfg. cost)
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Platinum: USD 940/ounce - top producers of contained Pd: South Africa, Russia, Zimbabwe
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Facts: PEM Electrolyzers
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Palladium: USD 1,700/ounce - top producers of contained Pt: South Africa, Russia, Canada
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Facts: Catalytic converters for vehicles, solar panels
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Metals for energy transition – demand by cleantech asset
Figure 1 shows metals demand for cleantech assets.
Figure 1: Metal demand for cleantech asset

Ref.: Mckinsey & Company, 2022