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Tuesday, August 12, 2008

Norilsk plans to suspend publication of cobalt prices

Norilsk Nickel plans to suspend publication of cobalt prices on its website as a result of an internal review of the practice of publishing supplementary information about the market




Norilsk Nickel plans to suspend publication of cobalt prices on its website as a result of an internal review of the practice of publishing supplementary information about the market, a source at Norilsk said.

“The website is closed, at least temporarily,” he said, adding that the indicative offer of 99.3% cobalt at $32 per lb on August 6 is the last such price that will be published.

Norilsk believed that the website, on which it published offer prices and the average prices of business concluded in previous weeks, was useful when the market was more fragmented, the source said.

Switzerland-based trader and producer Glencore holds a considerable part of the cobalt market and that may have weighed on the company’s decision, he said.

“It was a useful tool to deliver information to market participants, but Norilsk will get more flexibility now,” he said.

“We feel we may be giving away too much information to another big player in the market about our own business,” the source said.

Norilsk Nickel will continue to sell cobalt, but without publishing prices or indicative prices.

The Norilsk source refused to comment on whether the decision to suspend pricing was related to the change in management at the company.

Ceo Denis Morozov was dismissed in July. Deputy ceo Tav Morgan left the company shortly afterwards.






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