Cobalt Prices

30-09-2026 - Over the past month, cobalt prices have experienced a notable decline, dropping from $55,867/t to $38,699/t. This significant decrease suggests a major shift in the market, potentially due to changes in supply-demand dynamics or broader economic influences impacting the valuation of this raw material. The forecast anticipates a slight recovery, predicting cobalt prices to rise to $39,584.5/t, a 2.3% increase from the current $38,699/t. This suggests a general upward trend, although market volatility remains a risk factor for raw material prices.

The forecast highlights upward price pressure on raw materials, primarily driven by technical data, with a $982.52/t impact. Influences include calendar effects and trend following, though demand data indicates slight downward pressure, resulting in a mixed market outlook.

According to the Argus Battery Materials report dated November 1, 2023, cobalt prices rebounded in October 2023, with chemical-grade cobalt prices returning to March levels. Specifically, chemical-grade metal duty unpaid in Rotterdam was assessed at $37.48/kg on October 31, reflecting an 11.3% increase over the month. This upward trend is attributed to robust demand from the electric vehicle and smart device sectors, alongside high raw material costs, despite a supply surplus. Argus forecasts that average Rotterdam chemical-grade prices will rise to $36.90/kg for the last quarter of 2023, with further increases expected early next year. This analysis supports the forecasted upward trend in cobalt prices.