Increased numbers of spot market inquiries exposed the greater availability of cobalt in Europe in the first half of the week that began on Monday January 7, with metal prices continuing to fall as a result.
Standard-grade cobalt prices dropped to $24.75-26.25 per lb, in-warehouse, on January 9, from $25.75-27.25 per lb at the end of last week.Alloy-grade prices remained slightly lower on January 9, at $24.50-26.25 per lb, according to Fastmarkets' assessment, compared with $25.50-27.25 per lb on January 4. Alloy-grade business was reported at prices as high as $26.75 per lb and as low as $23.45 per lb."We're still dealing with the overhang from last year," a trader said. "The market is long cobalt, in all its forms, and even more so after various contract cancelations last year, which is why the market is correcting quite sharply now. That surplus isn't going to be gone in three months."Buyers continued to return to the...