Chinese cobalt metal traders bearish about price trends
2023-03-21 08:31:18 [Print]
BEIJING (Asian Metal) 21 Mar 23 - Chinese cobalt metal 99
A trader in South China predicted that the Chinese cobalt metal 99.8%min mainstream prices would go down by around RMB5/kg (USD0.7/kg) in the coming week . He lowers cobalt metal 99.8%min quotation to about RMB280/kg (USD40.7/kg) delivered D/P and considers selling at around RMB275/kg (USD40.0/kg) at present, while he refused to sell at prices below RMB280/kg (USD40.7/kg) two week ago. "I last sold three tons at around RMB280/kg (USD40.7/kg) late last week," said the trader, who considers accepting a bit further price declines due to the abundant supply but decreasing target prices of buyers.
With a typical monthly trading volume of 30t of cobalt metal 99.8%min, the trader sold about 60t in 2023, compared with approximately 350t in 2022 . He expects to sell around 30t in March, compared with about 20t in February . He doesn't have stock at present, down by 20t MoM.
Another trader in South China forecasted that the Chinese cobalt metal 99.8%min market would witness sliding prices over the past week due to consumers' dropping target prices. They quote about RMB275/kg (USD40.0/kg) delivered D/P for cobalt metal 99.8%min and refuse to accept any counteroffer now, while they no intention to sell at prices below RMB280/kg (USD40.7/kg) half a month ago. They concluded their latest sale early last week, when they sold two tons at around RMB280/kg (USD40.7/kg) . "We have to lower prices in order to gain orders among furious competition," said the trader, who lacks confidence towards the Chinese cobalt metal 99 . 8%min demand outlook.
The trader, with a typical monthly trading volume of 100t of cobalt metal 99.8%min, expects to sell around 100t in March, down by 20t MoM . They sold approximately 1,200t in 2022 and 200t so far in 2023 . They hold an inventory of around 20t at the moment, in line with one month ago.
. 8%min traders lowered prices in order to gain orders over the past two weeks . Therefore, the current Chinese cobalt metal 99.8%min mainstream prices dropped to RMB275-285/kg (USD40 . 0-41.4/kg) delivered D/P, with a decrease of around RMB5/kg (USD0.7/kg) from half a month ago . Given the sliding target prices from buyers, insiders forecasted that the Chinese cobalt metal 99 . 8%min mainstream prices would move down further in the forthcoming week.
A trader in South China predicted that the Chinese cobalt metal 99.8%min mainstream prices would go down by around RMB5/kg (USD0.7/kg) in the coming week . He lowers cobalt metal 99.8%min quotation to about RMB280/kg (USD40.7/kg) delivered D/P and considers selling at around RMB275/kg (USD40.0/kg) at present, while he refused to sell at prices below RMB280/kg (USD40.7/kg) two week ago. "I last sold three tons at around RMB280/kg (USD40.7/kg) late last week," said the trader, who considers accepting a bit further price declines due to the abundant supply but decreasing target prices of buyers.
With a typical monthly trading volume of 30t of cobalt metal 99.8%min, the trader sold about 60t in 2023, compared with approximately 350t in 2022 . He expects to sell around 30t in March, compared with about 20t in February . He doesn't have stock at present, down by 20t MoM.
Another trader in South China forecasted that the Chinese cobalt metal 99.8%min market would witness sliding prices over the past week due to consumers' dropping target prices. They quote about RMB275/kg (USD40.0/kg) delivered D/P for cobalt metal 99.8%min and refuse to accept any counteroffer now, while they no intention to sell at prices below RMB280/kg (USD40.7/kg) half a month ago. They concluded their latest sale early last week, when they sold two tons at around RMB280/kg (USD40.7/kg) . "We have to lower prices in order to gain orders among furious competition," said the trader, who lacks confidence towards the Chinese cobalt metal 99 . 8%min demand outlook.
The trader, with a typical monthly trading volume of 100t of cobalt metal 99.8%min, expects to sell around 100t in March, down by 20t MoM . They sold approximately 1,200t in 2022 and 200t so far in 2023 . They hold an inventory of around 20t at the moment, in line with one month ago.