High-grade cobalt prices also spiked by as much as 4.4% over
the course of the week on constrained spot availability and
strong interest from superalloys customers, lifting prices to
the highest levels since the end of October. Metal
Bulletin assessed low-grade cobalt at $11.65-12.10 per lb on
Friday July 29, up from $11.05-11.50 a week earlier,
while high-grade cobalt was assessed at $11.85-12.75, up
from $11.35-12.20. On a monthly basis, low-grade cobalt
prices were up 9.4% in July, marking the largest monthly
increase since January, when prices rebounded 10% following a
spate of year-end producer liquidation that took cobalt prices
to their lowest level since 2003. The fact that prices
have rallied strongly in July, a typically weak month for
end-use demand, has bolstered confidence among traders, as has
the strength of drawdowns under annual contracts over the
summer months, with...
