Global cobalt short-term outlook February 2023
Cobalt prices continued downward amid lacklustre demand and ample supply throughout most of February. The benchmark price lost 10% and dropped below US$16/lb in late February, hitting the lowest level since December 2020. Despite the bearish sentiment, there are signs that the price has bottomed out as restocking from refineries started to pick up at the end of February 2023. In Europe, spot premium remained for alloy-grade cobalt over standard-grade material as aerospace demand appeared more robust than the EV market, benefitting from solid recovery from commercial aviation.