Low- and high-grade cobalt prices continued to overlap in the latest price assessment, with a supply squeeze coupled with strong demand for cobalt broken cathodes and briquettes for chemical applications at the core of new higher prices.
Metal Bulletin assessed benchmark low-grade cobalt prices at $38-39.30 per lb, in-warehouse on Friday February 16, up by 25 cents on the low end of the range and 40 cents on the high end from the midweek assessment. The quotation was 0.8% higher week on week. High-grade cobalt prices rose to $38.20-39.40 per lb, in-warehouse, on Friday, increasing by 35 cents on the low end of the range and up by 40 cents on the high end from Wednesday's assessment. High-grade cobalt prices rose by 1% over seven days. Unlike most minor metals markets, the cobalt market was active over the past week during the Chinese New Year holiday, with quarterly business negotiations taking place during the period. Sentiment was bullish and offering prices were high, with a number of negotiations for material delivered in the second...