Commodity Market Report
Global cobalt short-term outlook January 2024
Report summary
Cobalt prices range bounded in a relatively quiet month. In Europe, cobalt metal prices continued to diverge. Underpinned by strong aerospace demand, the premium for alloy-grade cobalt reached the highest level since July 2008. Prices for battery-grade chemicals in China stopped falling due to holiday restocking while the payables for MHP and black mass stumbled as a result of soft demand. On the supply side, CMOC hit record production in 2023, overtaking Glencore as the largest cobalt producer globally. HPAL operations are expanding rapidly in Indonesia, expected to contribute to 10% of total mined cobalt output in 2024. Ex-China metal output dipped in 2023 due to supply disruptions while Chinese supply will continue to surge this year.
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