In 2023, the average spot price of cobalt cathode in the U.S. stood at an estimated 17 U.S. dollars per pound. That was a considerable decrease compared to the previous year's spot price, which was nearly 31 U.S. dollars per pound. While cobalt spot prices have been on the rise in many recent years, they are still lower than in 2018, when the cobalt spot price reached a high of 37.43 U.S. dollars per pound.
Cobalt prices
Due to market surpluses of cobalt in 2023 that is expected to continue in 2024, prices of the mineral commodity have decreased compared to 2022. In 2022, the annual average global price for one metric ton of cobalt amounted to 63,739 U.S. dollars, while it is expected to decrease to 50,320 U.S. dollars per metric ton in 2024. The cobalt futures price as of February 2024 stood at 28,137 U.S. dollars per metric ton.
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US Geological Survey. (January 31, 2024). Average cobalt spot price in the United States from 2010 to 2023 (in U.S. dollars per pound) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/339743/average-spot-price-of-cobalt-in-the-us/
US Geological Survey. "Average cobalt spot price in the United States from 2010 to 2023 (in U.S. dollars per pound)." Chart. January 31, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/339743/average-spot-price-of-cobalt-in-the-us/
US Geological Survey. (2024). Average cobalt spot price in the United States from 2010 to 2023 (in U.S. dollars per pound). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/339743/average-spot-price-of-cobalt-in-the-us/
US Geological Survey. "Average Cobalt Spot Price in The United States from 2010 to 2023 (in U.S. Dollars per Pound)." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/339743/average-spot-price-of-cobalt-in-the-us/
US Geological Survey, Average cobalt spot price in the United States from 2010 to 2023 (in U.S. dollars per pound) Statista, https://www.statista.com/statistics/339743/average-spot-price-of-cobalt-in-the-us/ (last visited July 22, 2024)
Average cobalt spot price in the United States from 2010 to 2023 (in U.S. dollars per pound) [Graph], US Geological Survey, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/339743/average-spot-price-of-cobalt-in-the-us/