Fastmarkets plans to align the pricing holiday schedule for its cobalt hydroxide payable indicator with public holidays in China instead of those in England and Wales due to the fact that the assessment tracks activity on a cif China basis.
The detailed specifications for this assessment are listed below with proposed amendment in italics:
MB-CO-0021: Cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets’ standard-grade cobalt price (low end)
Quality: Units produced from large-scale mining activity, with the following chemical composition: Co 30% min, Mn 6.5% max, Mg 6.5% max, S 5% max; Cd 100ppm max; limited concentration of natural radioactivity: GB20664-2006 (suitable for customs clearance into China).
Quantity: Min 50 tonnes (cobalt content)
Location: cif China (other terms normalized)
Timing: 45 days
Unit: % payable of Fastmarkets’ standard-grade cobalt price (low end, $ per lb)
Payment terms: Letter of credit at sight, current and following price month (‘M’ and ‘M+1’)
Publication: Twice weekly, Wednesday and Friday, 3pm London time
Notes: Where the publication day falls on a public holiday in China, the assessment will be rolled over from previous pricing session.
The specifications of the cobalt hydroxide index 30% Co min, cif China, $/Ib remain unchanged.
The consultation period for this proposed amendment will end one month from the publication of this pricing notice, on Sunday February 14, and subjective to market feedback, the proposed amendment will take effect on Wednesday February 17.
Should the proposed amendment take effect, the cobalt hydroxide payable indicator will follow Chinese holidays and will be rolled over on the following dates in 2021:
Wednesday February 17 (Chinese New Year)
Wednesday May 5 (Labor Day)
Friday October 1 and Wednesday October 6 (National Day holiday)
To provide feedback on this amendment, or if you would like to provide price information by becoming a data submitter to Fastmarkets’ cobalt price assessments, please contact Michael Greenfield, Dalila Ouerghi and Susan Zou by email at: pricing@fastmarkets.com. Please add the subject heading 'FAO: Michael Greenfield/Dalila Ouerghi /Susan Zou, re: cobalt hydroxide price.'
To see all Fastmarkets’ pricing methodology and specification documents go to https://www.fastmarkets.com/ about-us/methodology
PRICING NOTICE: Proposal to amend pricing holiday schedule for cobalt hydroxide payable assessment
Fastmarkets is proposing to amend the pricing holiday schedule for its cobalt hydroxide payable indicator.