Cobalt's average spot price in the U.S. 2008-2018

In 2018, the average spot price of cobalt in the U.S. stood at 38 U.S. dollars per pound. This is a considerable price increase since 2016, when the price was just 12 U.S. dollars per pound.

Cobalt deposits

Cobalt has a variety of uses, most commonly in the industrial sector. Almost all of the land-based deposits of cobalt are found within a mixture with nickel or copper. As a result, it is typically produced as a byproduct of the nickel and copper mining industry.

Cobalt in the United States

The largest share of cobalt consumption in the United States is attributable to superalloys, followed by chemical and ceramic uses, then steel alloys, and finally cemented carbides. By integrating cobalt into a superalloy, cobalt becomes highly temperature stable. Additionally, it becomes resistant to corrosion and wear. Cobalt materials are used in turbine blades for gas turbines and jet aircraft engines, and jewelry, to name a few end-uses. Between 2014 and 2017 Norway was the largest supplier of cobalt imports to the United States. Cobalt in its metal form had the highest value out of all cobalt imports to the United States between 2012 and 2016.
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Average cobalt spot price in the United States from 2008 to 2018 (in U.S. dollars per pound)*
Average spot price in U.S. dollars per pound
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