Commodity Market Report
Global cobalt short-term outlook February 2024
Report summary
Cobalt prices remained rangebound in February 2024, with divergence widening across products. The premium for European alloy-grade cobalt widened to over US$3/lb amid spot tightness, while chemical prices remained flat due to market quietness in China as a result of the holiday break. Weak support from battery raw material prices led to an oversupply in the market for black mass feeds, dragging down cobalt payability. On the supply side, low prices have led to further production cuts in Africa, including Glencore’s Congolese operations and CTT’s refinery in Morocco, while the development in Indonesia continues to accelerate.
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