Far from the dramatic rally that many had expected to see at the start of 2015, low-grade prices have been rooted to the spot for nearly two weeks.
Low-grade cobalt has remained at $14-14.75 per lb since January 9, while high-grade prices have held at $14-14.85 per lb.
Spot demand in the week until Wednesday January 21 was flat, but producers were in no hurry to offload.
It has simply lost momentum.
But why, in a market expecting stronger demand in 2015, and a potential tightening of supply, are prices flat?
Well, it seems that talk of basic supply/demand fundamentals has faded into the background, to be replaced with talk of growing uncertainty over macro-economics, base metals and West African politics.
In cobalt, all eyes remain on the African copper belt of the Democratic Republic of Congo (DRC) and Zambia, two key cobalt producing countries, both of...