Cobalt Market Update (October 24, 2012)
A brief overview of cobalt price developments, supply and demand and significant market movers.
Western cobalt prices have so far fallen in October compared to September, data from Metal-Pages shows.
99.6 percent cobalt averaged $13 per pound on the low side and $13.75 per pound on the high side until October 16, compared with an average low of $13.08 per pound and a high of $13.85 per pound in September.
99.8 percent cobalt, which is used for aerospace applications, averaged $13.17 per pound on the low side and $14.04 per pound on the high side until October 18, compared with the September average low of $13.50 per pound and high of $14.47 per pound.
Prices for Chinese cobalt, minimum 99.8 percent electrolytic metal, rose slightly in October, averaging 216 yuan (US$34.29) per kilogram on the low side and 220 yuan ($34.93) per kilogram on the high side until October 16. In September, prices averaged 211.13 yuan ($33.55) per kilogram on the low side and 213.75 yuan ($33.93) per kilogram on the high side.
In company news, Baja Mining (TSX:BAJ) said its Korean consortium has advanced an additional $13.3 million for the construction of its Boleo project in Mexico.