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The theft, from a secure area of the warehouse, is believed to have taken place between Thursday July 5 and Monday July 9, according to a notice from the Minor Metals Trade Association sent to its members earlier on Wednesday July 18.
“Additional monitoring and security have been implemented since the discovery of the theft, and Vollers are working closely with police and insurers,” the MMTA notice said.
Metal Bulletin has contacted Vollers for comment.
Metal Bulletin assessed the benchmark price for low-grade cobalt at $36.70-38.30 per lb in-warehouse on Wednesday July 18.
The low of the low-grade range, which is used as a benchmark across the cobalt market, puts the value of 112 tonnes of cobalt at about $9.06 million in today’s market.
Cobalt prices have fallen from highs of $43.70-44.45 per lb in April this year, succumbing to weaker demand from consumers over the summer months and more competition among sellers to secure business.
Still, they remain up 133% compared with 18 months ago, over which time they have found support from strong demand, anticipated battery sector uptake and a tight supply outlook.