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Cobalt: International trend is good, domestic slow progress
Summary After a prolonged decline in the fourth quarter of 2012, the cobalt market showed signs of recovery at the start of 2013, with prices gradually rising. Recently, high-grade cobalt on the MB (Metal Bulletin) index has been reported at $11.5–$12.8 per pound, while low-grade cobalt was quoted at $11.1–$12.4 per pound. Cobalt concentrate is now being traded at $9.3–$9.8 per pound, reflecting a significant upward movement. The first quarter of the year is typically a key procurement period for cemented carbide and superalloy industries globally, and demand is slowly recovering. Sellers are showing strong confidence, which is helping to support price levels.
In 2012, the market remained weak throughout the year, leading to a 5% drop in production compared to 2011—the largest decline in recent years. Domestic smelters responded by cutting output or suspending operations to resist falling prices. As a result, domestic cobalt production continued to fall from the previous year. Inventory levels also slowed down, but after several quarters of declines and prices dropping below production costs, many manufacturers became reluctant to sell. Although the market showed some improvement, prices remained low, failing to generate much enthusiasm among traders. Most producers still indicated they are not planning to increase shipments in the near term.
In summary, the domestic cobalt market remains closely tied to international trends. With global prices on the rise, this is expected to have a positive impact on local markets as well. However, cobalt is a strategic metal, and its performance is closely linked to global economic conditions. In 2013, the global economy still faced many uncertainties, so market participants need to remain vigilant, monitor trends closely, and make timely decisions when it comes to buying and selling.