Cobalt Salt Makers Overpaying for Raw Materials

Metal Bulletin reported that there is a “complete disconnect” between what Chinese cobalt salt makers are paid for their products and the prices at which they buy feed.

As quoted in the market news:

Cobalt salt makers were already reporting losses last year amid tough market conditions. International metal prices have risen since the start of the year, meaning buyers are paying more for raw materials, which are sold as a percentage payable of the metal price. But salt prices have not risen on the spot market, owing to tough competition, sources said. While low-grade metal prices have dipped in recent weeks to $13.25-14.10 per lb, they have increased significantly since the start of the year. Low-grade cobalt began 2014 at $11.80-12.90 per lb.

Click here to read the full Metal Bulletin report.

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Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.

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