Metals & Mining Theme, Non-Ferrous

September 02, 2024

Platts reshapes European cobalt coverage, publishes separate assessments for mixed-use, alloy-use cobalt

Platts, part of S&P Global Commodity Insights, has reshaped its European cobalt coverage through two separate assessments for mixed-use cobalt metal and one assessment for alloy-use metal, effective Sept. 2.

Following market feedback, Platts has revised the specifications for its existing daily European 99.8% cobalt metal assessment (MMAIK00) to reflect certain mixed-use metal brands. Platts has also launched two new daily assessments -- one assessment to reflect other specified mixed-use metal brands and a second assessment to reflect specified alloy-use metal brands.

The assessments are published as a single close value, representing the most competitive brands on the day, with no associated high and low-price points databased. Existing high and low bates for MMAIK00 have been discontinued effective Sept. 2.

The change follows market feedback that three separate assessments better reflect the pricing dynamics for the different grades and end uses of various cobalt metal brands, also detaching alloying end-use applications for a separate assessment.

The mixed-use assessments reflect chemical grade cobalt metal for end-use applications including battery chemicals, catalysts, pigments, ceramics, and paints. The assessments also include some alloy-grade metal brands, with end-use applications including hard and diamond tools, special steels and alloys and magnets. The alloy-use assessment includes superalloy brands certified for use in aerospace applications.

Platts first published its initial proposal to launch chemical and alloy grade assessments on May 13 in a subscriber note, available here. A revised proposal was published on July 3, available here. The decision to implement the changes was published Aug. 5 and is available here.

Platts European cobalt assessments reflect the following: European Cobalt Metal 99.8% mixed-use basket A (ECMCG00), European Cobalt Metal 99.8% mixed-use basket B (MMAKI00), and European Cobalt Metal 99.8% alloy use (ECMAG00).

The new and revised assessment specifications are as follows:

Revised assessment New mixed-use assessment New alloy-use assessment
Assessment description European Cobalt Metal 99.8% mixed-use basket B European Cobalt Metal 99.8% mixed-use basket A European Cobalt Metal 99.8% alloy-use
Symbol MMAIK00 (MAvg: MMAIK03, WAvg: MMAIK04, YAvg: MMAIK16) ECMCG00 (MAvg: ECMCG03) ECMAG00 (MAvg: ECMAG03)
Bates Close Close Close
Frequency Daily Daily Daily
Quality Min 99.8% Co Min 99.8% Co Min 99.8% Co
Quantity Typically 1-20 mt, Max 100 mt Typically 1-20 mt, Max 100 mt Typically 1-20 mt, Max 100 mt
Dimensions Broken cathodes, briquettes, rounds Briquettes, broken cathodes, cut cathodes Rounds, cut cathodes
Incoterms and location IW Rotterdam IW Rotterdam IW Rotterdam
Timing Shipment within 30 days Shipment within 30 days Shipment within 30 days
Payment Cash against documents Cash against documents Cash against documents
UoM $/lb $/lb $/lb

For the mixed-use basket A assessment, Platts considers the following expanded list of cobalt metal brands based on their end use and predominant market pricing dynamics in the Rotterdam and European market:

  • Jiangsu KLK broken cathodes
  • Huayou cut cathodes
  • Hanrui cut cathodes
  • Sherritt briquettes
  • Nornickel Norilsk cut cathodes
  • Tengyuan cathodes
  • Greatpower cathodes

For the mixed-use basket B assessment, Platts considers the following list of cobalt metal brands:

  • CTT broken cathodes
  • Ambatovy briquettes
  • Vale Long Harbor cobalt rounds 99.9%
  • Murrin Murrin briquettes

For the alloy-use assessment, Platts considers the following brands:

  • Vale Port Colborne cobalt rounds 99.9%
  • Sumitomo Metal Mining (SMM) cut cathodes 99.8%
  • Nikkelverk cut cathodes 99.95%
  • Jinchuan cut cathodes 99.9%

Other brands may be considered for the assessments and may be subject to normalization.

The new and revised daily assessments are published on Platts Nonferrous Metals Alert pages PMA375, MTL375, PMA8888, MTL8888, with associated weekly and monthly averages on PMA0682, MTL0682, PMA0664, MTL0664, PMA8880 and MTL8880 as well as in Platts Market Center, and in the Platts price database under the symbols listed above, effective Sept. 2.

The daily new assessments (ECMCG00, ECMAG00) will be published in Platts Metals Daily and Platts Battery Metals Market Report, effective Sept. 23.

Please send any feedback, comments or questions to battery_metals@spglobal.com and pricegroup@spglobal.com.

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