Cobalt market anchored by hidden inventories despite supply risks

Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs. Market participants speaking to Benchmark said that cobalt demand remains soft, particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.