Metal Bulletin reported that profit taking and better producer availability together pushed down international cobalt prices this week.
Cobalt Market News Directory
Reuters reported yesterday that the Democratic Republic of the Congo (DRC) is looking to double its cobalt export royalty from 2 to 4 percent.
Bloomberg reported that according to Liz Jarvis-Shean, a spokesperson for Tesla Motors Inc. (NASDAQ:TSLA), the company plans to only use raw materials sourced from North American for its proposed $5-billion lithium-ion battery gigafactory.
AZoNano reported that researchers have discovered that nano-sized crystals of cobalt oxide can effectively split water molecules, a process that is necessary for photosynthesis to occur.
Global Cobalt Corp. (TSXV:GCO) reported that Tesla Motors Inc.'s (NASDAQ:TSLA) planned GigaFactory, which is set to be the biggest battery factory in the world, will be positive for cobalt demand.
Metal Bulletin reported that in the next few weeks, the last annual long-term intermediate cobalt contracts between miners and Chinese buyers are likely to be signed.
New Zimbabwe reported that a Beitbridge Border Post customs clearing agent teamed up with two other men to steal a cobalt-containing truck from the Democratic Republic of the Congo. Christopher Chitauro, the truck's driver, was in the hospital with malaria at the time.
Roskill Information Services Ltd. announced the release of a new report titled Cobalt: Market Outlook to 2018. In the report, the firm notes that it expects the cobalt market to remain in oversupply until 2016; as a result, prices will likely be kept in check in the medium term.
The Wall Street Journal reported that in a bid to secure future cobalt supply, Japan Oil, Gas and Metals National Corp. (JOGMEC) has signed a 15-year contract with the International Seabed Authority under which it will have permission to explore 150 cobalt-rich crust blocks.
Metal Bulletin reported that according to Darton Commodities, in 2013, global production of refined cobalt came to a total of 84,500 tonnes. That's a 9.7-percent increase from the previous year.