Cobalt Acetate Price Trends and Forecast
Get the latest insights on price movement and trend analysis of Cobalt Acetate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Cobalt Acetate Price Trend for the Q1 of 2024
The first quarter proved to be a little challenging for the cobalt acetate prices as they closely resembled the trajectory of its feedstock compounds, salts of cobalt, and acetic acid. During this phase, it was observed that China continued to ramp up its cobalt production, particularly from its operations in the Democratic Republic of Congo and new projects in Indonesia, despite a consistent and apparent dip in cobalt prices due to oversupply and weakened demand from the downstream industries.
Cobalt Acetate Price Chart
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Even before the advent of the first quarter of this year, the cobalt market did not show any positive signs but the continuous decline in cobalt prices altered the cost of production, evident in the pricing pattern of cobalt acetate. In China, even the acetic acid market failed to extend the required support to the cobalt acetate market as the prices fell, contrary to the expectations of the manufacturers and producers. In Europe and North America, however, the acetic acid market offered some relief, and thus, the production costs of cobalt acetate sustained above the bar.
The global downstream demand for the commodity was, on the other hand, negatively affected by the surge in the Red Sea crisis, incline in freight charges, and loss of shipments due to Houthi attacks. The low water levels in the Panama Canal also contributed to the depreciation of global trade, reflected in the subdued prices of cobalt acetate during the first quarter of 2024.
Analyst Insight
According to Procurement Resource, the price of Cobalt Acetate is expected to deal with the consistently declining cost of feedstock commodities and skepticism amongst the consumer sector amid the changes in global trading activities and economic policies.
Procurement Resource provides latest prices of Cobalt Acetate. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
Cobalt acetate is a red-violet crystalline solid with the chemical formula Co(C2H3O2)2. It is soluble in water and alcohol, producing a characteristic pink-to-purple solution. Known for its catalytic properties, cobalt acetate is primarily used in industrial processes, such as in the production of PET plastics and polyester fibers, where it acts as a catalyst. It also serves as a drying agent in paints and inks, promoting faster oxidation and drying. Additionally, cobalt acetate is used in the synthesis of cobalt-based pigments and in various chemical reactions within the petrochemical industry.
Report Features | Details |
Product Name | Cobalt Acetate |
Chemical Formula | C4H6CoO4 |
Industrial Uses | Catalyst, Paint and Ink Industry, Pigments, Petrochemicals Industry |
Molecular Weight | 177.02 g/mol |
HS Code | 29152990 |
CAS No. | 71-48-7 |
Supplier Database | Coremax Corporation, Umicore, Mechema Chemicals International, Kansai Catalyst |
Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
Currency | US$ (Data can also be provided in local currency) |
Supplier Database Availability | Yes |
Customization Scope | The report can be customized as per the requirements of the customer |
Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
The crystallization and processing of crude cobalt (II) acetate obtained from the reaction between acetic acid in dilute form and cobalt carbonate gives the desired form of cobalt acetate without any impurities.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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