Commodity Market Report
Global cobalt short-term outlook December 2023
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Report summary
The cobalt benchmark price fell below US$14/lb by the end of 2023 due to weak demand and slowing consumer purchases during the holiday season. Alloy cobalt prices diverged further from standard-grade units due to tightening spot availability. Cobalt sulphate and tetroxide continued to be sold at deep discounts amid slowing battery demand and feedstock oversupply. Although low cobalt prices are likely to cause further project delays and production curtailments even from major producers, we believe there is no quick solution to absorbing all the excess materials in the market.
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