Commodity Market Report

Global cobalt short-term outlook July 2022

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29 July 2022

Global cobalt short-term outlook July 2022

Report summary

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.

Table of contents

  • China’s Brunp buys stake in KFM Cu-Co mine from CMOC
  • MMG builds cobalt facility at Kinsevere
  • Piauí heap leach commences production
  • Volkswagen partners with Redwood to recycle EV batteries
  • The US plans to extend EV tax credits

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