Cobalt Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Cobalt in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Cobalt Price Trend for the Second Half of 2023

The market behavior of cobalt did not improve much in the second half of the year 2023, as well. After a sullen performance in the first half, the prices were observed to be fluctuating within a very confined limit for the majority of the said period.

Cobalt Price Chart

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The price graph exuded a borderline stagnancy in the pattern from the very beginning of Q3 in July to the month of November. However, a lackluster demand pattern from the alloy and electronics industry pushed the price trend down in the last months of the fourth quarter. Overall, a very weak market performance was observed in the global cobalt industry. The weak global economy hampered purchasing powers, and other geopolitical disturbances were also responsible for this sluggishness in the cobalt market.

Analyst Insight

According to Procurement Resource, the Cobalt market is expected to make a return in the coming months since the prices are likely to rebound with the improvement of procurement from the downstream electronics industry.

Cobalt Price Trend for the First Half of 2023

The prices of cobalt witnessed a consistent slump in the US and UK markets. The slow growth of the market prices was caused by a hike in supply rates. In the first quarter, the prices fell more sharply due to the weak automobile sector. In China, the production and sales of automobiles and new energy vehicles took a deep hit, which led to the plunging in the price trend of cobalt. The condition of the market further plummeted due to the rising level of inventories and the slowing down of the global economy.

In addition to this, the effects of the failure of two major banking units in the US not only hampered the market sentiments of North America but also disrupted the supply and demand equilibria in Europe. The battery market also did not provide any support, which ultimately led to the fall in cobalt prices.

Analyst Insight

According to Procurement Resource, the price of Cobalt is expected to face southwards as the procurement rates from the downstream batteries and automotive sector are estimated to decline.

Procurement Resource provides latest prices of Cobalt. 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.