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$ Metal Prices $

It all comes down to costs

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Metals for energy transition: international pricing & top producers

(Price ref. : tradingeconomics.com - access: Jan-23 & Jan-26)

(Producers ref.: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025.pdf - access: Jan-26)

  • BASE metals (2023 USD) (2026 USD)

    • Copper (Cu): 8,276/ton / 13,000/ton top producers: Chile, Peru, DRC, China

      • App: Superior thermal/elect. conduction

    • Nickel (Ni): 19,644/ton / 18,710/ton top producers: Indonesia, Philippines, Russia, New Caledonia

      • App: 68% used in stainless steel; used in geothermal PPs, EVs, batteries cathodes

    • Lead (Pb): 2,252/ton / 2,030/ton top producers: China, Australia, U.S., Mexico

      • App: Lead–acid batteries

    • Aluminum (Al): 2,184/ton / 3,080/ton top producers: China, India, Russia, Canada

      • App: Solar panels & wind turbines

    • Steel: 711/ton / 415/ton top producers of pig Iron: China, India, Japan, U.S.

      • Iron ore: 110/ton (Australia, Brazil, China, India)

        • ​App: 98% goes into steel-making

    • Zinc (Zn): 2,800/ton / 3,100/ton top producers: China, Peru, Australia, U.S.

      • App: Galvanizing, wind power​

  ​

  • BATTERY metals (2023 USD) (2026 USD)

    • Lithium (Li2CO3): 46,700/ton (Q2/2023) / 10-11.000/ton (Dec/2025): a drop of around 80% in 2022 top producers: Australia, Chile, China, Argentina

      • App: Cell phone, laptop, EV, and stationary batteries​

    • Cobalt (Co): 57,000/ton top producers: DRC, Russia, Australia, Philippines

      • App: Battery cathode​s

    • Graphite (natural flake): 2,281/ton (Dec/2025) top producers: China, Mozambique, Madagascar, Brazil

      • App: Battery anodes. (ps.: a non-metal with high electrical conductivity)

    • Manganese Dioxide (MnO2): 4,360/ton (Dec/2025) top producers: South Africa, Gabon, Australia, China

      • App: Ferroalloys, batteries

  â€‹

  • CRITICAL metals (2023 USD) (2026 USD)

    • Rare earths oxides: top producers of rare-earth-oxide (REO) equivalent: China, U.S., Australia, Burma

      • Neodymium USD 140,000/ton / 115,000/ton (Dec/2025)

        • App: Permanent magnets for electric motors of wind power & EVs

  â€‹

  • RARE metals (2026 USD)

    • Gold (Au): USD 5,000/ounce top producers: China, Australia, Russia, Canada

      • App: Jewelry (47%), physical bars (17%), electrical & electronics (connectors, contacts) (6%)

    • Silver (Ag): USD 100/ounce top producers: Mexico, China, Peru, Australia

      • App: 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)

    • Platinum (Pt): USD 2,500/ounce top producers: South Africa, Russia, Zimbabwe, Canada

      • App: PEM Electrolyzers

    • Palladium (Pd): USD 2,000/ounce top producers: South Africa, Russia, Canada, U.S.

      • App: Catalytic converters for vehicles, solar panels

​

Metals for energy transition – demand by cleantech asset

Figure 1 shows metals demand for cleantech assets.

Figure 1: Metal demand for cleantech

mat1 crit v2.png

Ref.: Mckinsey & Company, 2022

Fig 1 princing metal
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