Global cobalt short-term outlook July 2022
Cobalt prices continued their downward trend in July. The European benchmark price lost 20% and fell below US$26/lb by the end of the month amid bearish sentiment and sluggish demand. Similarly, in China, cobalt metal prices plunged by 14% to reach US%20.3/lb in an oversupplied market. The widespread souring sentiment in the market is expected to continue into the summer months, pulling down prices to a bottom at around US$20/lb over Q3. Full recovery on battery demand (if it materialises) and renewed restocking interests can potentially breathe life back into prices in Q4.