Fastmarkets’ cobalt hydroxide index 30% Co min, cif China
was at $11.89 per lb on Friday September 4, up by 7 cents per lb (0.6%) from $11.82 per lb on August 21.
Negotiations for units both on the water and in local bonded warehouses have generally stagnated amid a notable gap between sellers’ and buyers’ expectations, market participants said, while both parties are in no rush to conclude business and are waiting for the other side to compromise first.
Some sellers managed to conclude deals at around $12 per lb recently, which is lower than the $12.50 per lb and higher level that they had targeted in late August.
“If you calculate the production cost for cobalt sulfate based on a cobalt hydroxide import cost of $12 per lb, refineries are still able to balance their book considering current sulfate...