Spot cobalt hydroxide prices rose above $10 per lb in July due to resumed appetites for prompt cargoes amid a limited availability of seaborne units and buyers' attempts to reduce exposure to price uncertainty.
Fastmarkets'
cobalt hydroxide index, Co min 30%, cif China was calculated at $10.41 per lb on Friday July 31, up 5.8% from $9.84 per lb at the end of June.
Spot deals were concluded in the low $9-per-lb range at the start of the month, but climbed well into the $11-per-lb range by the end of July, according to Fastmarkets' data.
There were limited spot offers for seaborne units due to logistical disruptions in Africa. Meanwhile, suppliers' attempts to hold on to material forced buyers with urgent demand to turn to the spot market, where inventories have fallen significantly in the past three months.
A supplier told Fastmarkets that the majority of sellers with spot cargoes -...