Logistical uncertainty, tight nearby supply keep cobalt hydroxide prices, payables underpinned

Spot availability for cobalt hydroxide remained tight in late June, with many suppliers sold out for July cargoes and taking time to gauge how much material they will be able to offer in August amid shipment uncertainties from South Africa, sources told Fastmarkets this week.

Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China stood at 65-67% on Wednesday July 1, unchanged since June 24. Spot payables have held relatively steady since rallying up from 61-64%, where they stood in early May.
Spot intermediates activity has been thin over the past two weeks since buyers in China concluded a round of restocking. Refineries had eaten into their contingency stocks as a result of delayed shipments from Durban in South Africa, caused by a national lockdown to curb the spread of Covid-19 in late March and April.

Spot inquiries did pick up in the first half of the week but have yet to result in much firm market activity or offers. Market participants are wary of any fresh lockdown or restrictions of...

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