Benchmark begins public consultation on increasing cobalt pricing to semi-monthly frequency

London, UK (16 November 2022) – Benchmark Mineral Intelligence (“Benchmark”), the world’s leading independent provider of actionable price assessments, data, and analysis for the lithium ion battery to electric vehicle supply chain, announced today that it has started a formal public consultation on changes to its Cobalt Price Assessment Methodology.

Following feedback and discussion with a number of market participants, Benchmark proposes to increase the regularity of its cobalt sulphate, metal, and hydroxide pricing to semi-monthly, to be published on the 15th of the month (or the closest working day following the 15th) and the final working day of the month, by 4pm (London).

As the lithium ion battery industry continues to develop, the frequency and volume of battery material trading is increasing. To give an accurate and comprehensive assessment of price movements, the frequency with which Benchmark publishes prices must also increase.

The EV battery industry now represents the largest demand sector for cobalt materials. As such, it is necessary to increase the regularity of cobalt sulphate and hydroxide pricing as the trading frequency and volume of these materials continues to increase. This will better demonstrate price movements throughout each month, giving a more comprehensive view of these markets.

Cobalt metal pricing will become semi-monthly as this market is closely linked to cobalt hydroxide and sulphate, despite more limited use as a feedstock in the lithium-ion battery industry. Increasing the frequency of price reporting will also give consistency across all cobalt grades assessed by Benchmark, providing a more complete view of the cobalt market and how prices move throughout the month.

The proposed changes would impact three grades currently collected by Benchmark:

Benchmark invites feedback from active market participants by latest 16 December 2022.

Please contact any Benchmark team member with feedback or email prices@benchmarkminerals.com.