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Commodity Market Report

Global cobalt short-term outlook January 2023

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01 February 2023

Global cobalt short-term outlook January 2023

Report summary

Cobalt prices experienced a roller coaster ride in 2022. The volatility has continued into January 2023, with the industry benchmark price plunging by 9% to just above US$17/lb at month’s end. This price level marks a two-year low and represents a 60% decrease from the last peak of US$40/lb in May 2022. Sluggish demand from portable electronics coupled with elevated stock levels are some of the main reasons for the slump in prices.

Table of contents

  • China removes import tariff rates on unwrought cobalt
  • Global Energy Metals inked a deal with Kingsrose Mining
  • BASF to strike a deal with Eramet for battery-grade Ni processing
  • Sherritt to ramp up its expansion
  • Strategic Metals progress at Anschutz/Madison

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    Global cobalt short-term outlook January 2023

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