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Key drivers
Key quotes “It has been very rare to hear any offers for payables just slightly higher than 60% since the Chinese New Year holiday (February 4-10), because the benchmark [metal] price is falling too quickly” – first consumer “We’re getting bids at 65% for April but that’s not appealing when you consider metal possibly has another $1-2 per lb to fall” – a trader “Chinese buyers are in favor of fixed-price quotation for cobalt hydroxide due to unclear picture of benchmark cobalt [metal] price” – second consumer “The spot volumes have been small. You’re taking a bet on a payable when you look at the falling [metal price]” – a producer
Fastmarkets launched two reference prices for the cobalt hydroxide market on Thursday February 28. Click here for the details.