Six key takeaways from the Cobalt Institute's annual conference in Hong Kong on May 15-16, 2019.
Cobalt prices likely to oscillate either side of $15 per lbSupplies of cobalt metal remained limited but the upside for prices would be capped as long as the hydroxide market was in a surplus.Prices were expected to fall over the summer due to weaker seasonal demand, before rebounding as they did at the end of March, sources told Fastmarkets on the sidelines of the event.Buyers identified the price of $13-15 per lb as an appealing opportunity to restock, especially if the long-term outlook for demand, which takes account of consumption from the electric vehicle industry, were taken into consideration.Hydroxide payables remain vulnerableWhile metal prices have found stability in recent weeks, cobalt hydroxide prices were expected to remain under pressure, with buyers taking comfort in good availability of intermediates in South African warehouses and Chinese ports.Fastmarkets' assessed hydroxide payables at 67-69% of the low-end of the standard-grade metal price on Wednesday...