SMM Refined Cobalt Price Review and Forecast (Feb-Mar, 2023)

SHANGHAI, Mar 15 (SMM) – The monthly average price of refined cobalt stood at 294,300 yuan/mt in February, down 5% MoM and 44% YoY. The prices are expected to rise initially and then pull back in March.

In early February, some smelters switched to the production of refined cobalt as it was more profitable than other cobalt-based products. However, the demand from alloy and magnetic material producers barely improved, sending refined cobalt prices lower.

In mid-to-late February, the decline in refined cobalt prices slowed down as major smelters delivering their products to the National Food and Strategic Reserves Administration led to scarce supply in the spot market.

In early March, leading refined cobalt companies raised their ex-factory prices, and traders followed suit. In the absence of solid demand support, refined cobalt prices will fall back in the second half of the month.