Wider Price Spread between High-grade Cobalt and Low-grade Cobalt in Europe

SHANGHAI, Mar. 18 (SMM) -- Spot cobalt price spread widened based on different grade. 99.3% refined cobalt were traded between USD 17.25-20.25/lbs and 99.8% refined cobalt were traded between USD 21-22.25/lbs. According to European market insiders, Glencore has sold 25 mt of Katanga, Mopani and Murrin Murrin material at $17.25 per lb since Monday to consumers in Asia, Europe and Latin America, market sources confirmed. Offers of high grade refined cobalt from other European traders were much higher. UK-based trader sold high-grade Sumitomo and Falconbridge material at $21.75 and $22.25 per lb respectively. Traders told that Glencore has long-term contract with Katanga, so it has the competiveness to move goods at low prices.

Besides that prices spread European traders were worried of their sale of cobalt. As Japan purchased cobalt sulfate and other cobalt salts from China, which cut long-term contract from Europe and weighed on refined cobalt prices.

To contact the writer on this report: fergiewang@smm.cn

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