U.S. Estimated Consumption And Stocks Of Cobalt

This table presents detailed estimates of cobalt consumption and stock levels in the United States, categorized by end use and form. Tracking this data is critical for understanding the supply-demand dynamics of cobalt, a strategic metal essential to various high-technology and industrial applications. Cobalt’s role in superalloys, batteries, catalysts, and hard materials makes its consumption patterns a key indicator of economic activity in sectors such as aerospace, automotive, and chemical manufacturing. Monitoring stocks also provides insight into market resilience and potential supply constraints that could impact production and pricing.

The data for 2023 indicates a total cobalt consumption of 7,840 metric tons, up from 7,570 metric tons in 2022, reflecting a modest increase of approximately 3.5%. Notably, consumption in superalloys rose by 310 metric tons, reaching 3,950 metric tons, underscoring growing demand in high-performance applications. Consumption in steels and other alloys slightly declined from 1,170 to 1,160 metric tons, while cemented carbides remained steady at 715 metric tons. Chemical and ceramic uses saw a minor decrease to 2,010 metric tons. By form, metal consumption increased by 200 metric tons to 3,810 metric tons, and purchased scrap usage also grew to 2,030 metric tons, suggesting enhanced recycling efforts. Stocks held at year-end slightly decreased to 925 metric tons from 946 metric tons, with chemical compound stocks stable at 378 metric tons. The withheld data on metal and scrap stocks indicates proprietary considerations but does not obscure the overall trend of a slight tightening in available cobalt inventories.