Cobalt's average spot price in the U.S. 2010-2022
In 2022, the average spot price of cobalt in the U.S. stood at 31 U.S. dollars per pound. While cobalt spot prices have been on the rise in recent years, they are still lower than in 2018, when the cobalt spot price reached 37.43 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 2018 and 2021 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 2019.
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 2018 and 2021 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 2019.
