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Key data from August 12 pricing session.
Low-grade cobalt in-warehouse ($ per lb)
High-grade cobalt in-warehouse ($ per lb)
Key drivers -Low-grade consumers secure volume at low prices as sellers fight for rare summer sales -High-grade consumers largely absent from spot market -Producers solicit bids from trade due to reasonable availability
Key quote “It’s a difficult market for a seller at this point. There are quite a few producers soliciting bids.” -Trader
“I knew what I wanted to pay and went out looking for that level. I was able to get it without too much difficulty.” -Consumer
“It’s no surprise someone’s selling aggressively. Nobody’s seen any volume business for a while. So if you’re discounting to get $600,000 of cash in, you just see it as that; you’re finally getting cash in.” -Trader
Trade log
August 12
Low-grade (per lb) Large sale at about $13.20-13.30 Small sale at about $13.40 Small sale at about $13.45 About 5 tonnes at about $13.30 Large sale at about $13-13.20 Small sale at $13.60 Offer at $13.50-13.55 Offer at $13.70 Offer at $13.85 Offer at $13.30-13.35
High-grade (per lb) Offer at about $13.60 Assessment at $13.20-14 Assessment at about $13.20-14.20
China (MB China domestic, min 99.8%, RMB/tonne) Small sale at about 212,000 Large sale at about 219,000 Deal heard at about 213,000-215,000 Deal heard at about 215,000-218,000
Total volume of all trades confirmed since previous pricing session: 43 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