European cobalt oxide market sees soft demand
2023-04-14 10:54:01 [Print]
BEIJING (Asian Metal) 14 Apr 23 - Dragged by consumers' wait-and-see attitudes, the European cobalt oxide 72%min market witnessed soft demand over the past two weeks. The current cobalt oxide 72%min mainstream prices in Europe declined to EUR21.5-22.5/kg in warehouse Rotterdam, down by around EUR0.5/kg from one week ago. As buyers purchased inactively, insiders forecasted that the cobalt oxide 72%min mainstream prices in Europe would drop further in the coming week due to weak demand from buyers.
A European trader forecasted that his cobalt oxide 72%min sales volume in April would decline by around 14t MoM due to weak demand from buyers. They lower cobalt oxide 72%min quotation to about EUR22.0/kg in warehouse Rotterdam for cobalt oxide 72%min and considers selling at around EUR21.5/kg at present, while he refused to sell at prices below EUR22.0/kg half a month ago. "I last sold 24t at around EUR22/kg in late March," said the trader, who failed to receive any inquiries over the past half a month. He lacks confidence towards the demand outlook and forecasted that the cobalt oxide 72%min mainstream prices in Europe would drop by about EUR0.5/kg in the upcoming week.
With a typical monthly trading volume of 20t of cobalt oxide 72%min, the trader's sales volumes in 2022 and so far in 2023 recorded approximately 240t and 40t respectively. They expect to sell around 10t in April, compared with approximately 24t in March. He holds an inventory of around five tons at the moment, unchanged MoM.
Another European trader predicted that their cobalt oxide 72%min sales volume in April would go down by around three tons MoM as buyers purchase inactively. They quote about EUR24.0/kg in warehouse Rotterdam and have intention to sell at about EUR22.5/kg now, while they didn't consider selling at prices below EUR23.0/kg two weeks ago. They concluded their latest sale in mid-March, when they sold five tons at around EUR24.0/kg. "We failed to get any inquiries over the past two weeks and have difficulties in concluding deals now," said the trader, who foresaw that the European cobalt oxide 72%min mainstream prices still have room to go down in the coming week.
The trader, with a typical monthly trading volume of 10t of cobalt oxide 72%min, expects to sell around two tons this month, compared with about five tons last month. They sold about 15t so far this year, compared with approximately 100t last year. They hold no stock now, unchanged MoM.
A European trader forecasted that his cobalt oxide 72%min sales volume in April would decline by around 14t MoM due to weak demand from buyers. They lower cobalt oxide 72%min quotation to about EUR22.0/kg in warehouse Rotterdam for cobalt oxide 72%min and considers selling at around EUR21.5/kg at present, while he refused to sell at prices below EUR22.0/kg half a month ago. "I last sold 24t at around EUR22/kg in late March," said the trader, who failed to receive any inquiries over the past half a month. He lacks confidence towards the demand outlook and forecasted that the cobalt oxide 72%min mainstream prices in Europe would drop by about EUR0.5/kg in the upcoming week.
With a typical monthly trading volume of 20t of cobalt oxide 72%min, the trader's sales volumes in 2022 and so far in 2023 recorded approximately 240t and 40t respectively. They expect to sell around 10t in April, compared with approximately 24t in March. He holds an inventory of around five tons at the moment, unchanged MoM.
Another European trader predicted that their cobalt oxide 72%min sales volume in April would go down by around three tons MoM as buyers purchase inactively. They quote about EUR24.0/kg in warehouse Rotterdam and have intention to sell at about EUR22.5/kg now, while they didn't consider selling at prices below EUR23.0/kg two weeks ago. They concluded their latest sale in mid-March, when they sold five tons at around EUR24.0/kg. "We failed to get any inquiries over the past two weeks and have difficulties in concluding deals now," said the trader, who foresaw that the European cobalt oxide 72%min mainstream prices still have room to go down in the coming week.
The trader, with a typical monthly trading volume of 10t of cobalt oxide 72%min, expects to sell around two tons this month, compared with about five tons last month. They sold about 15t so far this year, compared with approximately 100t last year. They hold no stock now, unchanged MoM.
