Cobalt hydroxide payables have stabilized over the past week, with buyers taking a more hesitant approach to restocking against an uncertain backdrop for cobalt consumption and prices in the coming months.
Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China was unchanged at 67-69.5% of the standard-grade cobalt price (low-end) on February 26. Payables had been rising steadily since the start of the year when they stood at 61.5-62% of the metal price.Intermediates buyers have so far resisted seller offers at 70% and above. While such levels are understood to be profitable for refineries with prevailing metal and salts prices taken into...