Chinese cobalt oxide prices slide
2023-03-29 08:24:05 [Print]
BEIJING (Asian Metal) 29 Mar 23 - Chinese cobalt oxide 72%min suppliers lowered prices in order to gain orders over the past week. Therefore, the current Chinese cobalt oxide 72%min mainstream prices slid to RMB165-180/kg (USD24.0-26.2/kg) delivered D/P, down by around RMB/kg (USD0.7/kg) from one week ago. Insiders forecasted that the Chinese cobalt oxide 72%min mainstream prices would go down further in the coming week as buyers purchase inactively and lower target prices.
A consumer in South China disclosed that he sent an inquiry of around 10t of cobalt oxide 72%min to his regular suppliers yesterday and got quotation of about RMB165/kg (USD24.0/kg) delivered D/P 180 days to him at present. Based on his experience, he couldn't bargain for any better prices now, while he couldn't buy at prices below RMB175/kg (USD25.4/kg) one week ago. "I last bought 15t of cobalt oxide 72%min at about RMB160/kg (USD23.3/kg) early this month," said the consumer, who will purchase only around five tons within this week due to dropping prices. As buyers delay purchasing, he forecasted that the Chinese cobalt oxide 72%min mainstream prices would drop by around RMB5/kg (USD0.7/kg) in the forthcoming week.
With an annual consumption capacity of 250t of cobalt oxide 72%min, the consumer consumed about 50t so far in 2023, compared with approximately 200t in 2022. He expects to use around 20t in March, without much change MoM. He holds around 15t of stocks at present, in line with late February.
Another consumer in South China noted that his regular suppliers lower cobalt oxide 72%min quotation to about RMB180/kg (USD26.2/kg) delivered D/P for him now. According to his experience, he could buy at around RMB175/kg (USD25.4/kg) now, while he had difficulty in buying at prices below RMB180/kg (USD26.2/kg) one week ago. He concluded his latest procurement in early March, when he bought one ton at around RMB170/kg (USD24.7/kg). "Given the downward prices, I have no intention to replenish cobalt oxide 72%min stocks in the coming week," said the consumer, who predicted that the Chinese cobalt oxide 72%min mainstream prices would slide further in the coming week.
The consumer, with an annual consumption capacity of 9.6t of cobalt oxide 72%min, consumed approximately three and a half tons and 400kg last year and so far this year. He estimates to consume around 200kg this month, compared with about 100kg last month. He has around one ton of stock now, up by 800kg MoM.
A consumer in South China disclosed that he sent an inquiry of around 10t of cobalt oxide 72%min to his regular suppliers yesterday and got quotation of about RMB165/kg (USD24.0/kg) delivered D/P 180 days to him at present. Based on his experience, he couldn't bargain for any better prices now, while he couldn't buy at prices below RMB175/kg (USD25.4/kg) one week ago. "I last bought 15t of cobalt oxide 72%min at about RMB160/kg (USD23.3/kg) early this month," said the consumer, who will purchase only around five tons within this week due to dropping prices. As buyers delay purchasing, he forecasted that the Chinese cobalt oxide 72%min mainstream prices would drop by around RMB5/kg (USD0.7/kg) in the forthcoming week.
With an annual consumption capacity of 250t of cobalt oxide 72%min, the consumer consumed about 50t so far in 2023, compared with approximately 200t in 2022. He expects to use around 20t in March, without much change MoM. He holds around 15t of stocks at present, in line with late February.
Another consumer in South China noted that his regular suppliers lower cobalt oxide 72%min quotation to about RMB180/kg (USD26.2/kg) delivered D/P for him now. According to his experience, he could buy at around RMB175/kg (USD25.4/kg) now, while he had difficulty in buying at prices below RMB180/kg (USD26.2/kg) one week ago. He concluded his latest procurement in early March, when he bought one ton at around RMB170/kg (USD24.7/kg). "Given the downward prices, I have no intention to replenish cobalt oxide 72%min stocks in the coming week," said the consumer, who predicted that the Chinese cobalt oxide 72%min mainstream prices would slide further in the coming week.
The consumer, with an annual consumption capacity of 9.6t of cobalt oxide 72%min, consumed approximately three and a half tons and 400kg last year and so far this year. He estimates to consume around 200kg this month, compared with about 100kg last month. He has around one ton of stock now, up by 800kg MoM.
