[Ferro-Alloys.com]The negative pressure within the cobalt market continued as sellers further indicated a slowdown in spot demand. Many have noted a growing competition for prompt deliveries as sellers must be aggressive to book business. The price for Co 99.8% material is presently $13.20-13.70 per lb, down from $13.40-13.90 week-over-week. According to sources, sales competition is likely to rise further as suppliers look to increase their efforts to transact business. In addition to the growing pushback from buyers, most consumers are seeking smaller volumes, adding to the limited spot requirements. “There is not a whole lot to talk about right now,” said a source. “Buyers are dictating the market, and you have to be very aggressive if you want to do business.” Despite a few partial truckload sales, the bulk of business has been reported in smaller 2-5 mt lots.

With limited spot interest, many speculate that additional price depreciation for cobalt is likely in the near-term, further increasing the current market volatility. “The market isn’t really tight,” said a seller. “It has more to do with the current buyer appetite. It’s all cyclical; the market will turn around again.”