The assessment of the cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets’ standard-grade cobalt price (low end)
, rose to 70-71.5% on July 22. This was its highest level since Fastmarkets started to track spot payables in January 2019.
Consumers have been bidding either side of 70% for scarce spot cargoes over the past week, after suppliers warned of tight availability for August shipments and held back before offering units because of logistics disruptions in Africa.
“Suppliers are still catching up with delayed deliveries for long-term contracts,” a supplier said, noting that the numbers of cases of Covid-19 in Africa were increasing. “Consumers are buying out of...