Cobalt oxide prices in Europe steady
2024-03-01 11:49:51 [Print]
BEIJING (Asian Metal) 1 Mar 24 - Although producers tried to raise their prices supported by high production cost, consumers refused to accept under the weak demand and their wait-and-see attitudes towards the price trend. Today, the mainstream prices of cobalt oxide in Europe hover at EUR16.3-17.3/kg (USD18.3-19.4/kg) in warehouse Rotterdam, without much change from late last week. Given the refusal attitudes of consumers, insiders predict that the mainstream prices of cobalt oxide in Europe would keep stable in the coming week.
"We offered EUR17/kg (USD18.4/kg) in warehouse Rotterdam without any concession for cobalt oxide 72%min this week, the same as late last week. We closed no deal due to soft demand of consumers, while we bought 5t at EUR16.3/kg (USD17.7/kg) early this week", said a trader in Italy, adding that producers increased their offers to cover their production cost this week because they lost money under the previous lower prices, but consumer didn't accept. Given the current market condition, the trader believes that the mainstream prices of cobalt oxide in Europe would stay stable next week.
With a regular monthly trading volume of around 20t, they have no deal in February, the same as January. They hold around 5t of stocks now.
"As some producers increase their prices to test market supported by the high production cost, we increase our offers to EUR19/kg (USD20.6/kg) in warehouse Rotterdam without any counteroffer accordingly this week, however, our consumers refuse to accept such high prices", disclosed another trader in Europe, mentioning that consumers' target prices didn't change actually. The trader offered EUR17/kg (USD18.4/kg) in warehouse Rotterdam and refused any lower prices late last week. They closed no deal recently and last sold 5t at EUR17/kg (USD18.4/kg) in warehouse Rotterdam in early January. The trader stated that due to weak demand, even if they reduce prices, downstream buyers would not respond. Considering that consumers refuse to accept higher prices, they anticipate that the prevailing prices of European cobalt oxide would remain steady in the coming week.
With a typical monthly trading volume of approximately 8t, the trader has no sale in February, while they sold around 5t the month before. They hold around 500kg at present.
"We offered EUR17/kg (USD18.4/kg) in warehouse Rotterdam without any concession for cobalt oxide 72%min this week, the same as late last week. We closed no deal due to soft demand of consumers, while we bought 5t at EUR16.3/kg (USD17.7/kg) early this week", said a trader in Italy, adding that producers increased their offers to cover their production cost this week because they lost money under the previous lower prices, but consumer didn't accept. Given the current market condition, the trader believes that the mainstream prices of cobalt oxide in Europe would stay stable next week.
With a regular monthly trading volume of around 20t, they have no deal in February, the same as January. They hold around 5t of stocks now.
"As some producers increase their prices to test market supported by the high production cost, we increase our offers to EUR19/kg (USD20.6/kg) in warehouse Rotterdam without any counteroffer accordingly this week, however, our consumers refuse to accept such high prices", disclosed another trader in Europe, mentioning that consumers' target prices didn't change actually. The trader offered EUR17/kg (USD18.4/kg) in warehouse Rotterdam and refused any lower prices late last week. They closed no deal recently and last sold 5t at EUR17/kg (USD18.4/kg) in warehouse Rotterdam in early January. The trader stated that due to weak demand, even if they reduce prices, downstream buyers would not respond. Considering that consumers refuse to accept higher prices, they anticipate that the prevailing prices of European cobalt oxide would remain steady in the coming week.
With a typical monthly trading volume of approximately 8t, the trader has no sale in February, while they sold around 5t the month before. They hold around 500kg at present.
