Chinese cobalt sulfate, tetroxide prices continue upswing but pace slows

Prices for cobalt salts in China, including cobalt sulfate and tetroxide, continued their upswing in the first half of this week, but the upward momentum has slowed after suppliers found it increasingly difficult to conclude deals at higher levels.

Fastmarkets' assessment for cobalt sulfate 20.5% Co basis, exw China rose to 46,500-47,500 yuan ($6,493-6,632) per tonne on Wednesday May 27, up by 500 yuan per tonne (1.1%) from 46,000-,47,000 yuan per tonne on May 22.
Disruptions to supply of cobalt raw materials as a result of the lockdown in South Africa in late March and April have been a major driver behind the upturn cobalt sulfate prices since mid-May.
The 36-day lockdown in South Africa cut the legacy route of cobalt hydroxide mined in the Democratic Republic of Congo (DRC) to be transported and shipped out of the Port of Durban, while sources reported minimal operations restart at the port after May 1, when the country's lockdown restrictions eased.

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