13 May 2024 | 08:00 UTC

Platts proposes to launch two new European cobalt metal assessments, discontinue existing price

Platts, part of S&P Global Commodity Insights, is proposing to discontinue its daily European 99.8% cobalt metal assessments, and to launch two new daily cobalt metal assessments, which differentiate between chemical and alloy grades, effective September 2.

This proposal follows comprehensive market feedback that two new assessments will better reflect the pricing dynamics for the different grades and end uses of various cobalt metal brands, compared with the current assessment, which does not distinguish between chemical and alloying end-use applications.

Chemical grade cobalt metal end-use applications include battery chemicals, catalysts, pigments, ceramics and paints. Alloy grade end-use applications include superalloys, hard and diamond tools, special steels and alloys and magnets.

The proposed specifications for the two new daily cobalt metal assessments are as follows:

Proposed assessment name Type Bates Published Page Quality Quantity Dimensions Incoterms Location Timing Payment UOM
European chemical grade cobalt metal 99.8% Assessment Close Daily PMA375 Min 99.8% Co Typically 1-20 mt, Max 100 mt Broken cathodes, briquettes, rounds, cut cathodes IW Rotterdam Shipment within 30 days Cash against documents $/lb
European alloy grade cobalt metal 99.8% Assessment Close Daily PMA375

Min 99.8% Co

Typical Co Content 99.9%

 Typically 1-20 mt, Max 100 mt Rounds, cut cathodes IW Rotterdam Shipment within 30 days Cash against documents $/lb

Platts is proposing to publish the two new assessments as a single close value, with no associated high and low price points to be published. Platts also proposes to publish associated monthly averages for the two proposed daily assessments.

For the chemical grade assessment, Platts proposes to consider the following cobalt metal brands based on their predominant end-use application and market pricing dynamics in the Rotterdam and European market:

  • CTT broken cathodes
  • Ambatovy briquettes
  • Vale Long Harbor 99.9% cobalt rounds
  • Chambishi broken cathodes
  • Murrin Murrin briquettes
  • Boleo rounds
  • Jiangsu KLK broken cathodes
  • Huayou cut cathodes
  • Tengyuan cut cathodes
  • Greatpower cut cathodes
  • Hanrui cut cathodes
  • Sherritt briquettes
  • Nornickel Norilsk cut cathodes (grade 1 and 2)

For the alloy grade assessment, Platts proposes to consider the following brands:

  • Vale Port Colborne 99.9% cobalt rounds
  • Vale Long Harbor 99.98% cobalt rounds
  • Sumitomo Metal Mining (SMM) cut cathodes
  • Nikkelverk cut cathodes 99.95%
  • Jinchuan cut cathodes 99.9%

Other brands may be considered for both the chemical and alloy grade assessments and may be subject to normalization.

The specifications of the current European 99.8% cobalt metal assessment proposed for discontinuation are:

Assessment name Code Mavg YAvg Type Bates Published Page Quality Quantity Dimensions Incoterms Location Timing Payment UOM
Cobalt 99.8% European MMAIK00 MMAIK03 MMAIK16 Assessment High, Low and Close Daily PMA375 Min 99.8% Co Max 100 mt cut cathodes, broken cathodes and briquettes IW Europe Shipment within 30 days Net 30 days $/lb

The proposed new chemical and alloy grade metal assessments will be published on Platts Nonferrous Metals Alert pages, Platts Metals Daily, Platts Connect, Platts Market Center and in the Platts price database under the symbols listed above. The assessments will also be included on pages PMA375 and MTL375.

Platts invites feedback on this proposal to battery_metals@spglobal.com and pricegroup@spglobal.com by Friday, June 14.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.