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The application marks the first time a new brand has been listed since the LME opted to suspend brand listing fees for new cobalt brands on March 26, 2019.
Produced in the Murmansk region in Siberia, Norilsk produces cobalt cathodes and cobalt sulfate principally through its Kola Mining and Metallurgical Company (Kola MMC).
The application details an refining output capacity of 2,000 metric tonnes per year with the delivery shape set to be cut cathodes at a drum net-weight of 250 kilograms.
The standard-grade cobalt price – the benchmark for physical settlement across the cobalt supply chain – was last assessed by Fastmarkets at $14.50-16.20 per lb, in-warehouse on March 22.
The London Metal Exchange launched a new cash-settled cobalt contract, settled against Fastmarkets’ benchmark standard-grade cobalt price, on Monday March 11. Join us for a few web seminar on Monday April 8 as we introduce our cobalt price discovery and the cash-settled contract. Register here.