Chinese cobalt metal traders bearish about price trends
2023-03-21 08:31:18 [Print]
BEIJING (Asian Metal) 21 Mar 23 - Chinese cobalt metal 99.8%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.
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.
