Cobalt Buyers Prepare for Tax on DRC Concentrate Exports

MetalBulletin published a list of 10 things that were highlighted at last week’s Cobalt Development Institute conference, noting that most cobalt buyers in China do not believe that a ban on the export of cobalt concentrates will be introduced in the Democratic Republic of the Congo. However, buyers are preparing for a tax on exports that could drive up costs for the entire industry.

Other conference news includes:

• Little metal business was concluded at the conference but Chinese buyers of intermediates and concentrates have been enquiring for metal, which could power prices higher from current levels of $12.50-13.80 per lb, suppliers said. Demand for cobalt products in China is strong, refiners in the country said.
  
• The continuing Operation Green Fence policy in China has exacerbated already tight raw material supply in China, making it harder, or impossible, for cobalt-containing scrap imports to get into the country.
• Elsewhere, Indian cobalt buyers have also switched their focus to imported metal, after domestic producers stopped or reduced their concentrate production.

Click here to read the full MetalBulletin report