Cobalt Market Update (April 24, 2013)

News of a potential ban on cobalt concentrate exports from top-producing nation Democratic Republic of the Congo (DRC) sent prices for several cobalt products higher this week, according to Metal-Pages.

EU prices were especially buoyant.

Cobalt minimum 99.8-percent product led the way, jumping 1.83 percent for the week ended April 18. The metal currently sells for between $12 and $13 per pound, matching its high for 2013.

Cobalt 99.6-percent and 99.3-percent products also got a lift, with prices rising 1.69 and 1.5 percent, respectively, on the week.

Chinese prices also reacted to the DRC news. Chinese 99.8-percent cobalt product lifted to between 190,000 and 192,000 RMB (US$30,748 to $31,071) per metric ton.

The gain broke a downward trend in Chinese cobalt prices that has prevailed throughout most of the last two months. Chinese 99.8-percent product has declined about 5 percent since the beginning of March.

Producers are taking the chance to express optimism about the market, with one source in Eastern China telling Metal-Pages, “[m]ost producers and traders are bullish about the future and confident about the cobalt metal prices.”