> It has been suggested that these chromium alloys could be used for stainless cutlery, but the high prices of cobalt and nickel have prevented the use of such alloys
Nickel and cobalt don't seem prohibitively expensive for cutlery, around $15,000 [0] per ton and $33,000 [1] per ton respectively. By comparison, chromium is around $10,000 and iron is essentially free.
Even if the optimal ratio is 100% cobalt, that might add $1.50 to the price of a dinner fork or $50 to a cutlery set that will last a lifetime.
Walmart might not stock it, but that seems completely within the range of what you could charge for a premium product, if the nickel-cobalt-chromium alloys really do make for superior cutlery. Maybe it's less suitable for other reasons than cost.