April materials ranking: Cobalt down 5 spots
As expected, the non-exchange traded part of the lithium-ion value chain outperformed exchange-traded metals in March as exchange-traded materials were highly volatile. Raw materials of exchange-traded materials (cobalt sulphate, nickel sulphate) also succumbed to weakness. With the disruption to the lithium-ion manufacturing chain in January-March, it’s realistic to expect some inventory build throughout the system which will likely result in a weakening of material prices for non-exchange traded materials in April. However, providing China Inc. is able to stay in work over the course of April, we would expect prices to return to stability towards the end of the month...