Fastmarkets has amended the names and specifications of its China cobalt sulfate assessments, effective Wednesday May 22, 2019.
Fastmarkets has assessed the price of cobalt sulfate, ex-works China, on a 20.5% Co basis since the assessment was launched in June 2018, but due to an error, the definition of cobalt purity for the assessment was incorrectly stated as "Co 20.5% min" instead of "Co 20.5% basis" in
the original pricing notice.
Therefore, to avoid potential confusion surrounding the pricing basis of this assessment, the definition of cobalt purity has been changed to "Co 20.5% basis" from "Co 20.5% min".
In addition, Fastmarkets also will also change the name of this assessment to cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne to reflect the amended cobalt purity definition.
Furthermore, the change will also be reflected in the name and specifications of Fastmarkets' calculation of the China cobalt sulfate adjustment to the standard-grade cobalt low-end price.
The new specifications and names for these assessments are laid out below, with amendments in bold.
Price: Cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne
Dimensions: crystal, Co: 20.5% basis, Ni: 0.001% max, Cu: 0.001% max, Fe: 0.001% max, Zn: 0.001% max
Unit: Yuan/tonne
Quantity: 1 tonne
Payment terms: on bank acceptance (other payment normalized)
Timing: within 30 days
Publication: twice a week on Wednesday and Friday, between 2pm and 3pm London time
Price: China cobalt sulfate, Co 20.5% basis, ex-works, adjustment to standard-grade cobalt low-end price, $/lb
Dimensions: crystal, Co: 20.5% basis, Ni: 0.001% max, Cu: 0.001% max, Fe: 0.001% max, Zn: 0.001% max
Unit: USD/lb
Quantity: 1 tonne
Payment terms: on bank acceptance (other payment normalized)
Timing: within 30 days
Publication: twice a week on Wednesday and Friday, between 2pm and 3pm London time
The formula to calculate the adjustment is unchanged as below:
a. Fastmarkets Chinese cobalt sulfate price/1.13/forex rate/0.205/2,204.62 = China cobalt sulfate, ex-works, at 100% Co basis, $/lb
b. Fastmarkets low-end standard-grade cobalt price, $/lb
Final premium/discount, $/lb = a-b
Historical data for both assessments can be found in the
Fastmarkets price book.
To provide feedback on this price or if you would like to provide price information by becoming a data submitter, please contact Susan Zou by email at:
pricing@fastmarkets.com. Please add the subject heading 'FAO: Susan Zou, re: China cobalt sulfate.'
To see all Fastmarkets' pricing methodology and specification documents go to
https://www.metalbulletin.com/prices/pricing-methodology.html.