Cobalt hydroxide payables extend gains amid tightening nearby availability

Cobalt hydroxide payables continued to climb in the first half of the week, with buyers accepting higher offers and the market for June and July cargoes tightening considerably after the past two weeks of restocking.

Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China rose to 65-67% of the standard-grade metal price (low-end) on Wednesday May 27, up from 64-66% on Friday May 22.
Payables have moved up from 61-64% of the metal price as recently as May 8.
"[The increase] all stems from a logistical timing point of view, as buyers see themselves getting through their remaining stock within a month to a month-and-a-half," a supplier source said.

Consumers in China have been working through inventories that were...

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