January 27, 2025 – February 2, 2025 Alloy Price Analysis including Alnico Kovar Co prices.

1. Alnico alloys : Alnico 1, Alnico 2, Alnico 3, Alnico 4, Alnico 5

– The price of Alnico alloys has decreased across the board. Alnico1 was found at $5.18-4.94/kg, Alnico2 was found at $6.74-6.29, Alnico3 was found at $4.74-4.62, Alnico4 was found at $5.97-5.71, and Alnico5 was found at $8.71-7.97.

– The price decreases were $0.24 for Alnico1, $0.45 for Alnico2, $0.12 for Alnico3, $0.26 for Alnico4, and $0.74 for Alnico5.

– Looking at the prices of Al, Ni, and Co, the main components of Alnico alloys, Al was unchanged from the previous week at $2.62-2.60/kg, Ni was down $0.47 at $15.51-15.04/kg, and Co was down $2.76 at $24.25-21.49/kg.

– The main reason for the price difference between alnico alloys is the difference in Ni and Co content.

– Alnico3, which has the smallest price difference among Alnico alloys, has only about 3% added Ni and no Co, while Alnico5, which has the largest price difference, has about 1% added Ni and 2% added Co.

– Given the large price drop for Alnico5, which has the lowest Ni content and the highest Co content among the alloys, it is estimated that the price of alnico alloys is strongly influenced by Co.

2. Kovar

– The price of Kovar decreased by $0.61, from $8.87 to $8.26/kg.

– Comparing Kovar to Invar 36 and Invar 42, an Fe-Ni alloy with similar composition to Kovar, Invar 36 decreased by $0.17 from $5.88 to $5.71/kg, and Invar 42 decreased by $0.20 from $6.78 to $6.58/kg.

– Kovar contains less Ni and Fe compared to Invar 36 and Invar 42, and instead contains Co. (See Table 1.)

– Ni is down $0.47 to $15.51-15.04/kg, Fe is down $0.10 to $0.47-0.46/kg, and Co is down $2.76 to $24.25-21.49/kg.

– Based on the comparison of the three Fe-Ni based alloys, it is estimated that the price of Kovar is strongly affected by the price fluctuation of Co.

– A major contributor to the plunge in Co prices has been reduced demand in the battery sector. In particular, the ongoing transition from nickel-manganese-cobalt (NMC) batteries to lithium-iron-phosphate (LFP) batteries has reduced cobalt usage. LFP batteries are cobalt-free, safe, and cost-effective, and are gaining popularity, especially in China. Increased production of plug-in hybrid electric vehicles (PHEVs) has also been a factor in reducing cobalt demand.

– According to S&P Global data, in Q3 2024, NMC batteries held only 24.6% of the market share, while LFP batteries dominated with 75.2%.

– Co prices have been falling steadily over the course of 2024 and are currently at their lowest point, so the price decline is expected to continue for some time.