COBALT SNAPSHOT: Prices drift in mid-summer activity drought

Key data from July 22 pricing session.

Key data from July 22 pricing session.

Low-grade cobalt in-warehouse ($ per lb)

Today

Previous

Today’s weighted average of confirmed trades

Previous weighted average

Change to midpoint of range

Midpoint % change

13.50-14.30

13.50-14.30

13.77

13.80

0

0



High-grade cobalt in-warehouse ($ per lb)

Today

Previous

Today’s weighted average of confirmed trades

Previous weighted average

Change to midpoint of range

Midpoint % change

13.60-14.70

13.60-14.60

14.30

13.80

+5

+0.36



Key drivers
- Summer lull continues, with spot volumes limited, particularly on low-grade.
- Some activity on high-grade, related to superalloy purchasing, supporting upper end of range.
- Market braced for return of Chambishi output to the spot metal market. Most anticipate gradual ramp-up after the recent three-month shutdown. Market sources expect to see ENRC return to spot metal selling from September/October.
- Most sellers not under pressure to sell, despite buyer demand drying up

Key quotes
"The superalloy guys in the States are doing well on medical, but medical is such a low volume, high margin market, it doesn't mean much for metal buying."
- Trader 

"It's quiet. For the lack of anything going on, prices are stable."
- Trader

"Many people are waiting for Chambishi supplies to arrive, but they haven't seen them yet."
- Consumer

"Right now, no one wants to buy or sell. If someone wanted to buy, they'd be looking for $13.40, but nobody's going to sell that low."
- Consumer

Trade log

July 22


Low-grade (per lb)

About 10 tonnes at about $13.80
Small sale at about $13.50
Offer at about $13.80
Offer at about $13.70
Offer at $13.60
Assessment at $13.50-14.30
Assessment at $13.70-13.80
Assessment at $13.90
Deal heard at about $13.25

High-grade (per lb)
Less than 5 tonnes at about $14.70
Small sale at about $13.70
Small sale at about $15.50
Offer at $13.40
Offer at $13.70
Assessment at $13.60-14.60

China (MB China domestic, min 99.8%, RMB/tonne)
About 5 tonnes at about 218,000
About 5 tonnes at about 225,000-228,000
About 20 tonnes at about 226,000
Deal heard at about 210,000-216,000
Deal heard about 217,000-223,000

Total volume of all trades confirmed since previous pricing session: 45 tonnes

Click here for the July 2015 trade log
Click here for the June 2015 trade log
Click here for the May 2015 trade log
Click here for the April 2015 trade log

Click here for Metal Bulletin’s cobalt pricing specifications
Click here for Metal Bulletin’s cobalt premiums specifications

Fleur Ritzema
fritzema@metalbulletin.com
Twitter: @FleurRitzema_MB

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