Cobalt Market Update (March 28, 2012)

By Karan Kumar — Exclusive to Cobalt Investing News

Western cobalt prices have continued to soften, with Metal-Pages reporting that as of March 27, cobalt 99.3 percent and 99.6 percent fetched between $13.50 and $14.25 per pound. A trader noted that not much is expected to change until macroeconomic conditions provoke “a really big shake-up.”

Chinese cobalt 99.8 percent was also trading down on March 27, at about 227 yuan ($36) to 230 yuan ($36.50) per kilogram, according to data from Metal-Pages. That is below the 240 yuan per kilogram level that it was trading at in February. Cobalt was trading at nearly 280 yuan per kilogram in September of last year.

“We are forced to cut prices of cobalt powder 99.8% again this week and even so clients are looking for even lower prices,” a refinery source told Metal-Pages in an article published on March 26. The publication added that China may continue to reduce imports of cobalt ore, concentrate, and cobalt intermediate products this year amid difficult conditions in the domestic cobalt industry.