Cobalt: 5 things to look for in 2024

Last year was a turbulent one for cobalt. As a result of elevated stocks and lacklustre demand, the annual average benchmark price fell to around US$15/lb, halving the level of 2022.

With no quick fix to the oversupplied situation, the ‘cobalt blues’ is set to continue into 2024. However, it is not all doom and gloom. The alloy-grade cobalt market will be one bright spot while returning smartphone demand and rising supply-side risks should keep the price from going into freefall.

Drawing on insight from our Cobalt Research Suite, this report highlights the five key themes underpinning the cobalt market in 2024, including: 

• Battery-grade cobalt returning to single-digit growth
• A tale of two markets: metal prices continue to diverge
• Feedstock oversupply looks inevitable
• And more. 

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