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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 began to show signs of recovery at the start of 2013, with prices gradually rising. Recently, high-grade cobalt on the MB (Metal Bulletin) index reached $11.5–$12.8 per pound, while low-grade cobalt was reported at $11.1–$12.4 per pound. Cobalt concentrate was priced between $9.3–$9.8 per pound, showing a significant upward movement.
The first quarter of each year is traditionally a key procurement period for cemented carbide and superalloy industries in the international market. As demand starts to pick up, suppliers are more motivated, and this has helped support price stability. Despite the recent improvement, the market remains cautious, with many players waiting for further clarity before making large-scale moves.
In 2012, the cobalt market faced a prolonged downturn, leading to a 5% drop in production compared to 2011—the largest decline in recent years. Domestic smelters responded by implementing production cuts and temporary shutdowns to resist falling prices. Inventory levels also slowed down, but as prices continued to fall below production costs, manufacturers became increasingly reluctant to sell. Although the market showed some signs of warming up, prices remained low, failing to spark strong buyer interest. Most producers still do not plan to increase shipments in the near term.
In summary, the domestic cobalt market is closely tied to global trends. With international prices on the rise, it's expected that domestic markets will follow suit. However, cobalt, being a strategic metal, is highly sensitive to global economic conditions. In 2013, the global economy remained uncertain, so market participants should remain vigilant, monitor price movements carefully, and make timely decisions when opportunities arise.