Strong cobalt sulfate, hydroxide rallies give rise to metal buying ‘frenzy’ – sources

Benchmark prices for cobalt metal continued to rally on Tuesday February 2 with market participants confident that the wider market can withstand metal price gains, in the context of strength up and downstream.

Fastmarkets’ price assessment for cobalt standard grade, in-whs Rotterdam rallied to $20-21.55 per lb on Tuesday, up from $19.40-20.30 per lb on Monday, and an increase of 4.7% on the day.
The price assessment for cobalt alloy grade, in-whs Rotterdam moved up to $20-21 per lb on Tuesday, compared with $19.40-20 per lb a day earlier, a gain of 4.1%.
Material is in tight hands and the market comfortably-sold, market sources said, following stockpiling by China’s State Reserve Bureau late last year, and opportunities taken to ship and sell metal in China, where premiums have been available at various points over the past six months.

“There are some stockpiles out there but...

Published

Charlotte Radford

February 03, 2021

09:58 GMT

London