Commodity Market Report
Global cobalt short-term outlook April 2024
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Report summary
Cobalt prices continued trending downwards amid weak demand and feedstock oversupply in April 2024. The industry benchmark price dropped below US$12/lb by the end of April. Driven by supply tightness and robust demand, the alloy-cobalt market remained resilient, with the alloy premium widening to a record high of US$3.5/lb. Battery-grade chemicals failed to sustain their March gains due to reduced buying and sufficient supply, dragging down hydroxide prices. On the supply side, we have revised downwards our short-term mine supply forecasts, reflecting Ravensthorpe’s suspension in 2024 and 2025 and lower production expectations at Zijin’s COMMUS operations following the detection of radiation in a cobalt shipment in mid-April.
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