Commodity Market Report
Global cobalt short-term outlook April 2023
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Report summary
Bearish sentiment prevailed in the cobalt market throughout April, with the industry’s benchmark price (European Standard Grade) falling below US$15/lb at the end of the month, the lowest level since August 2020. The price for alloy-grade cobalt also moved downward amid thin trading while remaining more resilient than chemical-grade units, supported by the positive demand outlook from the aerospace and power generation sectors. Elevated stock levels and limited buying interest continued to weigh on the cobalt feedstock market. April saw the resolution of the longstanding dispute between CMOC and Gecamines over Tenke Fungurume. As the export ban has now been lifted, concerns are growing over an increasingly oversupplied market, dragging down the hydroxide payable to the low 50s.
Table of contents
- GEM plans new battery raw material production in South Korea
- Huayou partners with LG Chem to produce pCAM in Saemangeum
- Stellantis signs binding offtake with Alliance Nickel
- Volkswagen to build EV battery ecosystem in Indonesia
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