PRICING NOTICE: Delayed publication of cobalt price assessment

The publication of Fastmarkets’ alloy grade and standard grade cobalt price assessments for August 7 were delayed because of extenuating circumstances - namely, an unusually high level of market activity related to industry developments.

Glencore’s decision on Wednesday 7 to shut its Mutanda copper-cobalt mine by the end of 2019 in the Democratic Republic of the Congo (DRC) triggered an unusually high level of deals being concluded in the spot market while consumers and distributors sought to purchase material ahead of the end of the year.

The shutdown of Mutanda by the end of this year could alter the supply balance in the cobalt market in 2020. Consumers seeking material now to avoid paying higher prices towards the 2020; this complicated the gathering of pricing data from the market on Wednesday.

Fastmarkets assessed alloy grade and standard grade cobalt prices at $12.50-14 per lb and at $12.25-13.95 per lb, in-warehouse, on Wednesday August 7, both up from the previous assessment of $12.40-13 per lb and $12.20-13 per lb respectively.

To provide feedback on the delayed publication of the cobalt price assessment, please contact Martim Facada by email at pricing@fastmarkets.com. Please add the subject heading ‘Re: FAO: Martim Facada, delayed publication of cobalt price assessment.’

To see all Fastmarkets’ pricing methodology and specification documents go to www.fastmarkets.com/about-us/methodology.

What to read next
The Kingdom of Saudi Arabia’s (KSA) ambitious plan to diversify away from oil and into metals will increase local nickel consumption and fund international mining projects, given recent massive investments in nickel-intense industries
Fastmarkets proposes to amend the name of the MB-AL-0231 Aluminium P1020A all-in price, delivered Midwest US, US cents/lb to clarify that the price is based on the London Metal Exchange cash aluminium price.
Read more from senior analyst Andy Farida on how the price action in LME nickel has played out in the first half of 2024
Tight aluminium scrap availability, the increase in container costs, sluggish demand in the US and the US market’s current indifference to rising premiums in Europe and Asia were the top subjects discussed during the Harbor Aluminum Summit that took place in Chicago on June 4-6
Germany-based copper recycling and non-ferrous metal provider Aurubis has started commissioning their secondary smelter in Augusta, Georgia, and could eventually introduce black mass recycling to the facility
Base metals on the London Metal Exchange were mixed in morning trading on Monday June 10, with three-month prices lacking direction amid thin traded volumes due a public holiday in China, the largest market for base metals