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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":729,"relatedVideos":730},179294289152409,"4dc43d73-e0bb-4fb6-a6f7-e54fb33429a3","Cobalt market anchored by hidden inventories despite supply risks","cobalt-market-anchored-by-hidden-inventories-despite-supply-risks","article/cobalt-market-anchored-by-hidden-inventories-despite-supply-risks",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":699,"featured":51,"reporter":700,"component":711,"seo_title":543,"categories":712,"visibility":718,"data_vis_image":719,"featured_image":722,"seo_description":726,"formattedDate":727,"formattedArticleDate":728},"50771562-d5f4-44fe-b19a-4cc71fa03633","2026-05-22 00:00",[550,553,556,559],{"slug":551,"name":552},"cobalt-prices","Cobalt prices",{"slug":554,"name":555},"china","China",{"slug":557,"name":558},"africa","Africa",{"slug":560,"name":561},"madagascar","Madagascar",[563],{"slug":564,"name":565,"content":566},"benjamin-roche","Benjamin Roche",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Editor – Energy Transition Supply Chains",{"filename":569},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":573,"content":574},"doc",[575,594,608,619,629,634,639,646,651,656,663,668,673,680,685],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579,582,592],{"text":580,"type":581},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels ","text",{"text":583,"type":581,"marks":584},"in China",[585],{"type":586,"attrs":587},"link",{"href":588,"uuid":589,"anchor":49,"target":590,"linktype":591},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635","_blank","story",{"text":593,"type":581}," continuing to offset emerging supply-side disruptions and rising upstream costs.",{"type":576,"attrs":595,"content":596},{"textAlign":49},[597,599,606],{"text":598,"type":581},"Market participants speaking to Benchmark said that ",{"text":600,"type":581,"marks":601},"cobalt demand remains soft",[602],{"type":586,"attrs":603},{"href":604,"uuid":605,"anchor":49,"target":590,"linktype":591},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"text":607,"type":581},", 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.",{"type":609,"attrs":610},"blok",{"id":611,"body":612},"af301b3f-fb94-4089-9d37-56f009c62f80",[613],{"id":614,"_uid":615,"type":616,"component":617,"fixed_height":618,"use_fixed_height":50,"fixed_height_mobile":618,"fixed_height_tablet":618},"29089953","i-e8268d9b-5888-4b39-a554-22425ba4d89e","visualisation","ContentFlourish","",{"type":620,"attrs":621,"content":623},"heading",{"level":622,"textAlign":49},2,[624],{"text":625,"type":581,"marks":626},"China stockpiles anchoring market",[627],{"type":628},"bold",{"type":576,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":581},"A key theme across the market is the growing recognition that cobalt inventories in China have been significantly underestimated. Market consensus now places metal stocks at around 10kt, with additional material held across intermediate forms.",{"type":576,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":581},"These elevated inventories have acted as a buffer against supply disruptions, preventing prices from reacting more strongly to tightening conditions upstream. As a result, the market appears more balanced than previously expected, with stock overhang dampening volatility and capping near-term price upside.",{"type":620,"attrs":640,"content":641},{"level":622,"textAlign":49},[642],{"text":643,"type":581,"marks":644},"Supply disruptions fail to translate into price gains",[645],{"type":628},{"type":576,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":581},"On the supply side, logistical constraints and policy-driven export controls have limited the immediate availability of raw materials. While most export quotas from the DRC have now been approved and shipments are progressing, material remains in transit, delaying its arrival into China.",{"type":576,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":581},"At the same time, Indonesian supply faces growing pressure due to constrained sulphur availability, with some HPAL operations at risk of curtailment. Elsewhere, refined supply remains exposed to disruption, with Sherritt’s Cuban operations facing uncertainty linked to recent disruption to Venezuelan oil supplies, while production at Ambatovy in Madagascar remains halted following cyclone-related damage. Despite these risks, elevated inventory levels continue to absorb the impact, limiting any upward price response.",{"type":620,"attrs":657,"content":658},{"level":622,"textAlign":49},[659],{"text":660,"type":581,"marks":661},"Rising costs add pressure to the supply chain",[662],{"type":628},{"type":576,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":581},"Upstream cost pressures are building, with sulphuric acid and diesel prices rising sharply, particularly in the DRC. In Indonesia, limited sulphur availability is emerging as a key constraint, with some operations facing the risk of curtailment.",{"type":576,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":581},"While these factors point to tighter supply conditions later in the year, their immediate impact remains muted in the presence of ample inventories.",{"type":620,"attrs":674,"content":675},{"level":622,"textAlign":49},[676],{"text":677,"type":581,"marks":678},"Market outlook hinges on inventory drawdown",[679],{"type":628},{"type":576,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":581},"Looking ahead, the trajectory of cobalt prices will depend largely on how quickly these stockpiles are absorbed. As additional material arrives into China in the coming months, market participants will closely monitor whether producers choose to release units into the market or continue to build inventories.",{"type":576,"attrs":686,"content":687},{"textAlign":49},[688,690,697],{"text":689,"type":581},"For now, sentiment remains cautious, with participants broadly aligned in expecting limited downside but no immediate catalyst for a sustained rally. Instead, attention is shifting towards the second half of 2026, when tightening ",{"text":691,"type":581,"marks":692},"supply ",[693],{"type":586,"attrs":694},{"href":695,"uuid":696,"anchor":49,"target":590,"linktype":591},"/article/us-first-planned-cobalt-refinery-signs-850-million-offtake","ce2f9608-3c05-40e7-9719-0cae383680d8",{"text":698,"type":581},"and potential inventory drawdowns could begin to reshape market dynamics.","Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.\n\nMarket 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.",[701],{"slug":702,"name":703,"content":704},"george-ingall","George Ingall",{"job_title":705,"image":706,"bio":708,"linkedin":709,"markets_covered":710},"Price Analyst - Rare Earths & Battery Minerals",{"filename":707},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode","article",[713,715],{"slug":714,"name":115},"cobalt",{"slug":716,"name":717},"critical-minerals","Critical Minerals","private",{"id":49,"alt":49,"name":618,"focus":49,"title":49,"source":49,"filename":618,"copyright":49,"fieldtype":720,"meta_data":721},"asset",{},{"id":723,"alt":618,"name":618,"focus":618,"title":618,"source":618,"filename":724,"copyright":618,"fieldtype":720,"meta_data":725,"is_external_url":50},129066603174195,"https://a.storyblok.com/f/287943243085208/df62720a42/bm-cobalt-27-warehouse-e1527863094748.png",{},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.","May 22, 2026","22nd May 2026",[],[],1783441468560]