Key data from September 16 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 |
| 12.20-13 |
12-12.85 |
12.64 |
12.73 |
+0.175 |
+1.5% |
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 |
| 12.20-13.30 |
12.20-13 |
12.28 |
12.60 |
+0.16 |
+1.2% |
Key drivers:
– Recent cheaper offers, thought to be producer liquidation at end of quarter, appear to be drying up, although a few select buyers are still able to achieve low high-grade numbers
– Glencore’s stoppage at Katanga prompts sellers to raise offers
– Consumer demand picking up after quiet summer
Key quotes:
“I have canvassed the producers again and see no sign of weakness.” – Trader 1
“It’s been a busy couple of days and I’ve had quite a few sales. I raised my offers based on the Glencore news and secured the business.” – Trader 2
“The lowest offer I got was 12.30 on low-grade. Anything at $12 is long gone.” – Consumer 1
“It appears the market is close to turning up; but not quite yet. I have three low high-grade offers.” – Consumer 2
Trade log
September 16
Low-grade (per lb)
More than 10 tonnes at about $12.55
Small sale at about $12.40
About 5 tonnes at about $12.45
About 10 tonnes at about $13.35
About 10 tonnes at about $12.85
Less than 5 tonnes at about $12.45
Small sale at about $12.40
Small sale at about $12.20
About 5 tonnes at about $12.40
Small sale at about $12.65
About 5 tonnes at about $12.65
Small sale at about $12.05 (below Metal Bulletin specification)
High-grade (per lb)
Small sale at $13.25
Small sale at $13.25
About 5 tonnes at about $13.30
About 20 tonnes at about $12
Offer at $13.30
Offer at $11.90
Offer at $12.25
Offer at $12.50
Offer at $12.90
Offer at $12.75
Offer at $12
Offer at $12
Very small sale at about $13.25 (below Metal Bulletin minimum volume tolerance)
About 10 tonnes at about 211,000
Offer at 213,000
Deal heard at about 203,000
Deal heard at about 209,000
Deal heard at about 207-212,000
Total volume of all trades confirmed since previous pricing session: 97.5 tonnes
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