Cobalt metal, hydroxide markets underpinned in China's absence

Cobalt prices and payables held steady in the first full week of October trading, with sellers holding out to sell higher while waiting for further cues on intermediates restocking from China after the country's October 1-8 Golden Week holiday.

Fastmarkets' cobalt hydroxide indicator, min 30% Co stood at 77.5-78.5% last Friday October 9, unchanged since September 23, while the cobalt hydroxide index, min 30% Co, cif China was calculated at $11.91 per lb on the same day, down by $0.04 per lb from a week earlier.
The index has fluctuated at $11.91-12.02 per lb over the past month.
Spot liquidity has thinned compared with during the summer, due to buyers in China holding out before committing to fresh purchases ahead of the early October holiday or committing to formula-based top-ups, as well as limited availability outside of long-term contracts.

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