Sichuan, home to more than a fifth of China’s lithium production, extended industrial power cuts this week.

Amid all the excitement about battery metal demand, prices for cobalt have plunged 40% from their highs earlier this year.

Also weighing on industrial metals are aggressive increases in interest rates by the US Federal Reserve.

Purchases of crude, oil products, gas and coal rose to $35 billion since the war in Ukraine began, from about $20 billion a year earlier.

Automakers racing to make more EVs have a problem: climate change is catching up with the industry.

Inflation data in Germany and Japan and statements from European and US central bankers suggest that rapid, economically damaging interest rate rises will continue.

All zinc smelters in Sichuan halted production early this week, and a small smelter based in neighbouring Hunan province also stopped operations.

The IMF forecast that global growth could slow to 2.9% in 2023.