Low-grade cobalt dropped to $9.50-11.20 per lb on Wednesday December 2, its lowest point since December 2008. This was down 6% from $10.15-11.20 on Friday November 27 as the spread widened to reflect an unusual geographical arbitrage between the west and Asia.
High-grade prices plunged to $9.80-11.20 per lb, down about 8% on the low end from $10.70-11.35 on Friday November 27.
Several producers have come under pressure to offload material in a difficult environment, sources said.
“It's not pressure so much as large volumes needing to be moved in a short time-frame....