1/1/2024 0 Comments Cobalt price over time“In terms of direct impact on the cobalt market, it is unlikely to cause any major changes in pricing however, the timing of the purchase will likely help already rising prices continue their trajectory and stay firm for longer.”Ĭommenting on the impact of the news on the cobalt market, Jack Bedder of Project Blue told INN the move has helped bring about some price recovery. “It has been quite significant news due to the scale of the tender,” Aubry said. ![]() One of the biggest news in the cobalt space so far this year has been the Chinese State Reserve Bureau's purchase of over 5,000 metric tons of cobalt metal at a time where prices are at lows. “However, a slight rebound in midstream demand from the battery industry in June and severe logistical constraints stemming the flow of product out of the Democratic Republic of Congo (DRC) helped to establish a floor by mid-June, enabling a firm correction towards the end of the quarter.” “Since the market has been, and indeed still is, fundamentally in oversupply, we had considered price erosion in Q2 to be inevitable,” Aubry said. “Cobalt metal prices were a bit slower to erode, largely due to the non-interchangeable nature of much of the metal specifications traded in Europe and the US,” Roman Aubry of Benchmark Mineral Intelligence told the Investing News Network (INN). Furthermore, cobalt sulfate and hydroxide prices hit a historic low in the first half of May, according to data from Benchmark Mineral Intelligence. The first quarter of 2023 saw cobalt continue to drop from the highs seen in 2022, with prices subdued throughout much of Q2. The portable electronics segment also saw increased demand during the coronavirus pandemic, but increased supply paired with sluggish demand has put pressure on prices since June last year. Cobalt prices rallied from the end of 2020 to the beginning of 2022 on the back of strong demand from the electric vehicle sector.
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