European cobalt oxide market sees soft demand
2023-04-28 10:27:03 [Print]
BEIJING (Asian Metal) 28 Apr 23 - As consumers held wait-and-see attitudes, the European cobalt oxide 72%min market witnessed soft demand over the past week. The current cobalt oxide 72%min mainstream prices in Europe declined to EUR21.2-22.2/kg in warehouse Rotterdam, down by around EUR0.5/kg from two weeks ago. In view of weak demand from consumers, insiders forecasted that the cobalt oxide 72%min mainstream prices in Europe would slide further in the upcoming week as buyers purchase inactively.
A European trader forecasted that his cobalt oxide 72%min sales volume in April would decline by around 24t MoM due to poor demand from clients. He lowers quotation to about EUR22.0/kg in warehouse Rotterdam and considers selling at around EUR21.0/kg now, while he refused to sell at prices below EUR22.0/kg half a month ago. "I concluded my latest sale at the end of March, when I sold 24t at about EUR22.0/kg," said the trader, who failed to receive any inquiries over the past two weeks and forecasted that the cobalt oxide 72%min mainstream prices in Europe would go down by about EUR0.5/kg in the coming week.
With a typical monthly trading volume of 20t of cobalt oxide 72%min, the trader expects no sales in April, compared with about 24t in March. He sold approximately 240t and 40t respectively in 2022 and so far in 2023. He holds an inventory of about five tons at the moment, in line with late March.
Another European trader predicted that their cobalt oxide 72%min sales volume in April would move down by about five tons MoM due to their clients' wait-and-see attitudes. They quote about EUR23.0/kg in warehouse Rotterdam and have intention to sell at around EUR22.0/kg now, while they didn't consider selling at prices below EUR22.5/kg two weeks ago. They last sold five tons at about EUR24.0/kg in mid-March. "We failed to get any inquiries after our last sale and we lack confidence towards the demand trend in the coming week," said the trader, who predicted that the European cobalt oxide 72%min market would witness dropping prices in the forthcoming week.
The trader, with a typical monthly trading volume of 10t of cobalt oxide 72%min, sold approximately 100t and 15t respectively last year and so far this year. They expect no sales this month, compared with about five tons last month. They still don't stock at the moment, in line with one month ago.
A European trader forecasted that his cobalt oxide 72%min sales volume in April would decline by around 24t MoM due to poor demand from clients. He lowers quotation to about EUR22.0/kg in warehouse Rotterdam and considers selling at around EUR21.0/kg now, while he refused to sell at prices below EUR22.0/kg half a month ago. "I concluded my latest sale at the end of March, when I sold 24t at about EUR22.0/kg," said the trader, who failed to receive any inquiries over the past two weeks and forecasted that the cobalt oxide 72%min mainstream prices in Europe would go down by about EUR0.5/kg in the coming week.
With a typical monthly trading volume of 20t of cobalt oxide 72%min, the trader expects no sales in April, compared with about 24t in March. He sold approximately 240t and 40t respectively in 2022 and so far in 2023. He holds an inventory of about five tons at the moment, in line with late March.
Another European trader predicted that their cobalt oxide 72%min sales volume in April would move down by about five tons MoM due to their clients' wait-and-see attitudes. They quote about EUR23.0/kg in warehouse Rotterdam and have intention to sell at around EUR22.0/kg now, while they didn't consider selling at prices below EUR22.5/kg two weeks ago. They last sold five tons at about EUR24.0/kg in mid-March. "We failed to get any inquiries after our last sale and we lack confidence towards the demand trend in the coming week," said the trader, who predicted that the European cobalt oxide 72%min market would witness dropping prices in the forthcoming week.
The trader, with a typical monthly trading volume of 10t of cobalt oxide 72%min, sold approximately 100t and 15t respectively last year and so far this year. They expect no sales this month, compared with about five tons last month. They still don't stock at the moment, in line with one month ago.
