Spot cobalt prices continued to rise last week as demand strengthened following the Christmas and New Year break, overpowering the temptation for profit-taking after a rallying end to 2017.
Low-grade cobalt prices posted the more significant increase over the course of week, buoyed by concerns that delays to a restart at the Ambatovy joint venture in Madagascar could further intensify tightness for low-grade units in the near term. Metal Bulletin's low-grade cobalt price assessment rose to $36-37.40 per lb, in-warehouse, on Friday January 12, up from $35.75-37.40 per lb midweek, and $35.50-37 per lb on January 5. The restart to production at the Ambatovy nickel-cobalt venture has been delayed until the end of the month as a result of damage caused by tropical cyclone Ava, Sherritt International...