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Metal Bulletin reported that non-Chinese sources said at LME Week that Glencore plc’s (LSE:GLEN) decision to halt copper and cobalt production at Katanga Mining Ltd. (TSX:KAT) could mean some cobalt chemical producers shift to using more intermediate feed in the metal’s place.
Metal Bulletin reported that non-Chinese sources said at LME Week that Glencore plc’s (LSE:GLEN) decision to halt copper and cobalt production at Katanga Mining Ltd. (TSX:KAT) could mean some cobalt chemical producers shift to using more intermediate feed in the metal’s place.
As quoted in the market news:
Also, some Chinese salt producers could consider turning to metal production, the sources said. Glencore’s move to suspend copper and cobalt production at Katanga Mining for up to 18 months takes about 10% of global cobalt metal production, out of the market temporarily. Meeting in London this week, cobalt participants discussed whether this would put metal in a tighter supply situation than intermediates, marking a huge shift in a market which, for several years, has been focused on metal overhang at a time of intermediate tightness.
Click here to read the full Metal Bulletin report.
