Chinese cobalt metal traders plan to lift prices
2023-04-19 08:31:01 [Print]
BEIJING (Asian Metal) 19 Apr 23 - As consumers purchased inactively, the Chinese cobalt metal 99.8%min market witnessed slow buying activities over the past two weeks. The current Chinese cobalt metal 99.8%min mainstream prices slid to RMB240-250/kg (USD34.9-36.4/kg) delivered D/P, down by around RMB15/kg (USD2.2/kg) from two weeks ago. As their producers hold back from selling and they have difficulties in replenishing stocks, traders hold bullish attitudes towards the price trends and plan to lift prices in the coming week.
A trader in South China forecasted that they have difficulties in purchasing cobalt metal 99.8%min from producers and plan to increase cobalt metal 99.8%min quotation in the coming week. They quote around RMB250/kg (USD36.4/kg) delivered D/P and refuses to accept counteroffer now, while they didn't consider selling at prices below RMB265/kg (USD38.5/kg) half a month ago. They last sold five tons at around RMB250/kg (USD36.4/kg) early this week. "Although my clients purchase inactively, we have to increase prices in the coming week due to upward prices and tight supply from our producers," said the trader, who forecasted that the Chinese cobalt metal 99.8%min mainstream prices would go up by around RMB5/kg (USD0.7/kg) in the coming week.
The trader, with a typical monthly trading volume of 100t of cobalt metal 99.8%min, expects to sell about 120t in April, down by 20t MoM. They sold approximately 1,200t and 300t respectively in 2022 and so far in 2023. They hold around 20t of stocks now, up by 20t MoM.
Another trader in South China noted that they have difficulties in replenishing cobalt metal 99.8%min stocks from producers as their producers hold back selling at current price levels, so they intend to increase cobalt metal 99.8%min prices in the coming week. They quote around RMB255/kg (USD37.1/kg) delivered D/P for cobalt metal 99.8%min and consider selling at about RMB250/kg (USD36.4/kg) now, while they refused to sell at prices below RMB275/kg (USD40.0/kg) two weeks ago. "We last sold three tons at around RMB250/kg (USD/kg) early this week," said the trader, who foresaw rising prices in the Chinese cobalt metal 99.8%min market in the coming week.
With a typical monthly trading volume of 25t of cobalt metal 99.8%min, the trader sold about 250t and 60t respectively last year and so far this year. They estimate to sell around 20t this month, compared with about 30t last month. They hold around 15t of stocks at present, down by five tons MoM.
A trader in South China forecasted that they have difficulties in purchasing cobalt metal 99.8%min from producers and plan to increase cobalt metal 99.8%min quotation in the coming week. They quote around RMB250/kg (USD36.4/kg) delivered D/P and refuses to accept counteroffer now, while they didn't consider selling at prices below RMB265/kg (USD38.5/kg) half a month ago. They last sold five tons at around RMB250/kg (USD36.4/kg) early this week. "Although my clients purchase inactively, we have to increase prices in the coming week due to upward prices and tight supply from our producers," said the trader, who forecasted that the Chinese cobalt metal 99.8%min mainstream prices would go up by around RMB5/kg (USD0.7/kg) in the coming week.
The trader, with a typical monthly trading volume of 100t of cobalt metal 99.8%min, expects to sell about 120t in April, down by 20t MoM. They sold approximately 1,200t and 300t respectively in 2022 and so far in 2023. They hold around 20t of stocks now, up by 20t MoM.
Another trader in South China noted that they have difficulties in replenishing cobalt metal 99.8%min stocks from producers as their producers hold back selling at current price levels, so they intend to increase cobalt metal 99.8%min prices in the coming week. They quote around RMB255/kg (USD37.1/kg) delivered D/P for cobalt metal 99.8%min and consider selling at about RMB250/kg (USD36.4/kg) now, while they refused to sell at prices below RMB275/kg (USD40.0/kg) two weeks ago. "We last sold three tons at around RMB250/kg (USD/kg) early this week," said the trader, who foresaw rising prices in the Chinese cobalt metal 99.8%min market in the coming week.
With a typical monthly trading volume of 25t of cobalt metal 99.8%min, the trader sold about 250t and 60t respectively last year and so far this year. They estimate to sell around 20t this month, compared with about 30t last month. They hold around 15t of stocks at present, down by five tons MoM.
