Low-, High-grade Cobalt Prices Sink on Tough Competition

MetalBulletin reported that prices for cobalt sank on Friday, with low-grade material falling to $12.10 to $13.20 per pound from a range of $12.20 to $13.30, and high-grade sinking to $12.60 to $13.50 per pound from $12.80 to $13.50.

As quoted in the market news:

‘I don’t see the market at $12 per lb yet, but I do think November will be a difficult month,’ a supplier source said.

‘I don’t see things below $12 yet, but there are a couple of producers, I believe, that have units to sell.’

But a trader dismissed the view that the market has much further to fall.

‘She’s ground to a halt on the downside.

‘There is good resistance [to making sales] in the low- to mid-12s. We’re a buyer of briquettes at $13 per lb,’ he said.

Low-grade cobalt prices have slid from $13-13.70 per lb since October 9, but even so the sale in Europe took a second trader who participated in the business by surprise, having himself offered at almost $1 per lb higher.

Click here to read the full MetalBulletin report.