HomeBUSINESSCobalt Prices, Trends & Forecasts | Provided by Procurement Resource

Cobalt Prices, Trends & Forecasts | Provided by Procurement Resource

Cobalt is a ferromagnetic element with similar physical properties to iron and nickel. It is extracted from the ores of Laterite at normal atmospheric pressure. Cobalt is a silver-whiteish color metal, which is slightly brittle and lustrous. The metal remains stable in the air and does not react with water. It reacts slowly with dilute acids such as sulfuric acid, and its melting and boiling point measures around 1495° C and 2927° C, respectively. It does not directly react with hydrogen or nitrogen but gradually combines with carbon, sulfur, and phosphorus on heating.

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The United States, India, and France are the Key importing countries for the element Cobalt; on the other hand, Vietnam, India, and China are the primary exporting countries, exporting the same.

Key Details About the Cobalt Price Trend:

Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Cobalt price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.

Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.

The Cobalt Price chart, including India Cobalt price, USA Cobalt price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.

Industrial Uses Impacting Cobalt Price Trend:

Cobalt has several commercial applications. It is used to manufacture batteries for electric vehicles (EVs), smartphones, and tablets. The metal is a key ingredient in super alloys in crafting and designing gas turbines, jet engines, hard alloys, tool steels, and magnetic materials. Cobalt is a catalytic agent in removing sulfur from petroleum and natural gas products.

Moreover, it is used as a colorant in paints, inks, enamelware, and glasses while adding a blue tint to these products. It is also used for recycling plastics. The widespread usage of Cobalt can be marked in the manufacturing of aerospace machinery, electrical and electronic products, chemical, ceramic, and other industrial domains due to its high-temperature resistance and magnetic performance. Cobalt is a widely used metal with multiple industrial uses, hence high demand in the global market.

Key Players:

  • Umicore
  • Glencore
  • Vale
  • Freeport-McMoRan
  • Freeport-McMoRan

News & Recent Development

  • Date: May 10, 2023– Leading company Sherritt International Corporation which deals with hydrometallurgical processes, declares its financial results for the three months, which ended on March 31, 2023. Results acknowledge a successful implementation of Cobalt swap.

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Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.

We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence, providing you with the latest and consistent data.

To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients, with up-to-date and pioneering practices in the industry, to understand procurement methods, supply chain, and industry trends, so that they can build strategies to achieve maximum growth.

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