Cobalt Price Trend and Forecast

Cobalt 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

Cobalt Price Trends and Forecast

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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.

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About Cobalt

Cobalt is generally obtained as a by-product of nickel and copper extraction. It is a hard, lustrous, silver metal. It has applications in producing alloys. It is also used as catalysts, in batteries, etc.

Cobalt Product Details

Report Features Details
Product Name Cobalt
Industrial Uses Production of alloys, colored pigments, catalysts, batteries, pharmaceuticals
Chemical Formula Co
HS Number 81059000
CAS Number 7440-48-4
Molecular Weight 58.933 g/mol
Supplier Database Umicore, Glencore, Vale, Freeport-McMoRan, Freeport-McMoRan
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.

Cobalt Production Processes

Cobalt and copper are obtained by reductive leaching. The leach solution is separated and added to a solvent extract, thereby separating cobalt and copper and giving cobalt in the aqueous raffinate, which is then precipitated using magnesium oxide, giving pure cobalt.


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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