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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":713,"relatedVideos":714},112471032408375,"e6fe1098-c1cf-4529-bcba-8970a81cb952","Cobalt hydroxide prices rise as truck shortages slows freight out of DRC","cobalt-hydroxide-prices-rise-as-truck-shortages-slows-freight-out-of-drc","article/cobalt-hydroxide-prices-rise-as-truck-shortages-slows-freight-out-of-drc",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":696,"featured":51,"reporter":697,"_editable":701,"component":702,"seo_title":543,"categories":703,"visibility":706,"author_company":49,"featured_image":707,"seo_description":696,"author_full_name":49,"author_job_title":49,"formattedDate":711,"formattedArticleDate":712},"793bc438-0ea8-4251-9ea9-2cbf383096c4","2023-07-21 00:00",[550,553],{"slug":551,"name":552},"cobalt-prices","Cobalt prices",{"slug":554,"name":555},"drc","DRC",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,581,586,591,596,601,606,611,620,635,640,645,658,663,676,681,686,691],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Cobalt hydroxide prices have reported a sharp increase in the past six weeks due to logistical constraints at the port of Durban in South Africa, where a shortage of trucks is slowing the flow of battery material out of the Democratic Republic of Congo (DRC). ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"Asian cobalt hydroxide prices have risen 18.8% since early June and are up 8.3% to $20,172 per tonne so far in July, according to Benchmark’s Cobalt Price Assessment.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"Logistical delays at Durban have been worsening as suppliers prioritise exporting copper from Glencore and CMOC’s Tenke Fungurume mine over cobalt and while there are plenty of trucks at the port, not enough are heading to the DRC. ",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"“Cobalt prices are very sentiment driven. There is no improvement in mid to downstream demand in line with the price increases. This is purely supply-side, it’s not at all demand driven and this price increase is not sustainable,” said Roman Aubry, analyst at Benchmark.",{"type":570,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":575},"Slow downstream demand from the electric vehicle market, especially the weaker recovery in the NCM market, has kept cobalt prices lower in recent months. ",{"type":570,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":575},"“There has also been a buildup of logistical problems which has made availability of cobalt hydroxide out of Durban more and more difficult leading to a supply-side tightness that started to form in the spot market since early June,” said Aubry.",{"type":570,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":575},"The DRC produces nearly all of the world’s cobalt hydroxide but the bulk of the crude feedstock is tied up in long term contracts, leaving little material available for spot transactions. ",{"type":570,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":575},"The logistical limitations have also worsened due to an oversupply of sulphuric acid in the DRC, which has reduced the number of incoming trucks available to transport cobalt hydroxide out of the region. There are also seasonal issues such as winter in the southern hemisphere that has further slowed the flow of road freight between the DRC and Durban.",{"type":570,"attrs":612,"content":613},{"textAlign":49},[614],{"type":615,"attrs":616},"image",{"id":49,"alt":617,"src":618,"title":49,"source":49,"copyright":49,"meta_data":619},"","https://a.storyblok.com/f/287943243085208/102674403e/bm-cobalt-hydroxide-prices-july-edited-1.png",{},{"type":570,"attrs":621,"content":622},{"textAlign":49},[623,625,633],{"text":624,"type":575},"Also, earlier this month, Chinese State Reserve Bureau (SRB) ",{"text":626,"type":575,"marks":627},"announced",[628],{"type":629,"attrs":630},"link",{"href":631,"uuid":49,"anchor":49,"target":49,"linktype":632},"https://source.benchmarkminerals.com/article/china-to-stockpile-cobalt-metal-after-prices-more-than-halve","url",{"text":634,"type":575}," plans to buy 5,600 tonnes of cobalt metal over the next six months. ",{"type":570,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":575},"Despite recent sharp increases, cobalt hydroxide prices are down 25% from the end of 2022 primarily due to weaker downstream demand from the electric vehicle sector compared with last year.",{"type":570,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":575},"More supplies are on the way",{"type":570,"attrs":646,"content":647},{"textAlign":49},[648,650,656],{"text":649,"type":575},"CMOC’s Tenke Fungurume copper and cobalt mine had piled up an estimated 16,000 tonnes of cobalt hydroxide during the 10-month export ban which was ",{"text":651,"type":575,"marks":652},"lifted",[653],{"type":629,"attrs":654},{"href":655,"uuid":49,"anchor":49,"target":49,"linktype":632},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-tumble-as-tenke-mine-in-drc-restarts-exports",{"text":657,"type":575}," in May. Many in the industry had expected volumes from Tenke to enter the market but that did not happen and now the feedstock is expected to reach China until August.",{"type":570,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":575},"“There is more additional supply coming to the market in the coming months which will weigh on the spot market. Cobalt exports are not being prioritised from Tenke Fungurume following the lifting of the export ban but some volumes will reach China soon,” said Harry Fisher, analyst at Benchmark. ",{"type":570,"attrs":664,"content":665},{"textAlign":49},[666,668,674],{"text":667,"type":575},"CMOC’s Kisanfu mine is also expected to start production this year where it ",{"text":669,"type":575,"marks":670},"aims",[671],{"type":629,"attrs":672},{"href":673,"uuid":49,"anchor":49,"target":49,"linktype":632},"https://en.cmoc.com/html/2022/News_0701/60.html",{"text":675,"type":575}," to produce 30,000 tonnes of cobalt a year upon reaching full production.",{"type":570,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":575},"Knock-on effect",{"type":570,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":575},"Prices of cobalt metal and cobalt sulphate have shown similar increases due to a combination of improving market sentiment and rising hydroxide prices. ",{"type":570,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":575},"Chinese cobalt sulphate market prices are up 13.8% so far in July, according Benchmark’s Cobalt Price Assessment. Despite the recent increases, cobalt sulphate prices in China are still down 12.5% so far this year.",{"type":570,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":575},"EXW Europe metal prices increased by 22.1% so far in July, helped by drying up of supplies of cheaper material. Metal prices in Europe are down 11% so far this year.","Cobalt hydroxide prices have reported a sharp increase in the past six weeks due to logistical constraints at the port of Durban in South Africa, where a shortage of trucks is slowing the flow of battery material out of the Democratic Republic of Congo (DRC). Asian cobalt hydroxide prices have risen 18.8% since early June […]",[698],{"slug":558,"name":559,"content":699},{"job_title":561,"image":700,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"793bc438-0ea8-4251-9ea9-2cbf383096c4\", \"id\": \"\"}-->","article",[704],{"slug":705,"name":115},"cobalt","private",{"id":49,"alt":617,"name":617,"focus":617,"title":617,"source":617,"filename":708,"copyright":617,"fieldtype":709,"meta_data":710,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6af1f07149/bm-drc-cobalt-trucks.jpg","asset",{"alt":617,"title":617,"source":617,"copyright":617},"Jul 21, 2023","21st July 2023",[],[],1784294256674]