Commodity Market Report
Global cobalt short-term outlook October 2023
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Report summary
The prices for all cobalt products rebounded from September lows amid improved market sentiment. The European standard-grade metal price rose above US$16/lb by the end of October from the bottom of US$14/lb in early September, while the alloy cobalt market continued to be supported by solid demand from aerospace and medical sectors. Despite weak demand, the metal price in China climbed by 4% month-on-month due to elevated feedstock costs. The Chinese government’s plan to stockpile more cobalt units has provided an uplift in the overall sentiment, supporting prices. As a result of surging domestic metal capacity and a more resilient European market, China’s exports hit a multi-year high.
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