After a period of correction that lasted for about three weeks, the price for Chinese cobalt metal has been given fresh strength by rising raw materials costs and tightened spot supply.
Fastmarkets' price assessment for cobalt, 99.8% Co min, ex-works China, was 265,000-285,000 yuan per tonne (equivalent to $14.83-15.95 per lb, minus China VAT) on Wednesday September 4. This was up by 2.2% from 258,000-280,000 yuan per tonne on August 30.In early August, miner Glencore announced that by end of this year it would close down its Mutanda mining asset in Democratic Republic of Congo, the largest copper-cobalt mine in the world. This led to a quick price upturn for cobalt hydroxide, one of the key cobalt raw materials.Fastmarkets' cobalt hydroxide index, 30% Co min, cif China, was $9.55 per lb on August 30, up by 28.4% from $7.44...