Cobalt prices drifted lower again last week in thin trading conditions, with buyers continuing to secure their minimum required volumes, or postponing purchases in a falling market.
Low-grade cobalt and high-grade cobalt prices were assessed at $40.35-41.25 per lb, in-warehouse on Friday June 22, down 0.6% and 0.9% respectively over the course of the week. Spot activity has been limited since May when benchmark prices started to come off their multi-year highs, but that is creating significant built up demand, sources told Metal Bulletin last week. "Prices have been high all year so people haven't been buying much and inventories are low," a consumer source said. "The market is still not so bad, there's just been an adjustment because prices increased too...