Cobalt prices continued to fall in the first week of December following the start of year-end destocking and greater competition for sales that first put paid to weeks of stability in mid-November.
Fastmarkets assessed the low-grade cobalt price at $30.30-32 per lb, in-warehouse, on Friday December 7, down from $32-32.60 per lb at the end of November. The high-grade cobalt price settled at $30.50-32 per lb today, down from $31.80-32.60 per lb a week ago. While some market participants reported a modest recovery in spot inquiries, volumes are small and have proved insufficient to support prices, with more units available to purchase into December. "There's a bit too much metal in the market at the moment. We're hitting a brick wall and there's more competition for every sale," one...