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$10 Cobalt /Growth 3% down from 5.6% CRU INDUSTRY ANALYST     22-Oct-09 01:18 pm    
4) Long-term cobalt to average $10 per lb as supply builds, demand growth slows - CRU
Fastmarkets.com 13/10/09
Cobalt prices may improve next year from 2009 levels below $20 per pound but, further ahead, will average $10 as the supply/demand picture alters, Eric Taarland, senior consultant at industry analysts CRU, said on Tuesday. "We expect prices to remain below $20 per pound for the rest of 2009 and prices to firm in 2010," he said at an LME minor metals presentation today. "But as [new] supply comes on-stream, our long-term average remains $10 for 99.30 percent low-grade [metal]." On the demand side, which is underpinned by the chemicals and super-alloys sectors, growth will not continue at the average rate of 5.6 percent seen over the last decade. Instead, it will fall to around three percent. Meanwhile, more availability is on the cards, as the demand boom seen in recent years has prompted the establishment of several fresh projects. "This could cause serious oversupply, although the downturn could put some of those at risk," Taarland said.
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