Cobalt price consolidates gains; sellers eye returning demand to fuel further increases

The cobalt market has consolidated recent gains and sellers are now looking at an anticipated return of consumer demand in Europe to stoke further price increases, but not all market participants are certain this will materialize.

Fastmarkets' price assessment for cobalt standard grade, in-whs Rotterdam stood at $15.25-15.50 per lb on Friday August 21, unchanged from the previous day.
The standard grade price rallied by 8.6% between July 30 and August 13 on trader-driven buying alongside Chinese market participants scrambling for metal after the hydroxide market tightened due to Covid-19 related logistics delays out of South Africa.
By comparison, the standard grade metal price has moved 1.3% higher since August 13 after buying thinned. Sellers told Fastmarkets they are now awaiting a return of consumer demand, which they expect in September after the summer holidays and annual plant maintenance in Europe.

Some market participants are bullish about the amount of consumer demand they anticipate believing consumers have destocked and that buyers will rush to the market having seen the price rise over the period they...

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