Chinese cobalt metal prices up
2024-03-20 08:29:57 [Print]
BEIJING (Asian Metal) 20 Mar 24 - Under the bullish attitudes of suppliers, the mainstream prices of Chinese cobalt metal 99.8%min stand at RMB206-211/kg (USD28.7-29.4/kg) delivered D/P, up by about RMB3/kg (USD0.4/kg) from late last week. Consumers buy actively due to rising prices yesterday while the market witnesses limited deals today. Given the high prices of raw material but limited deals now, insiders predict that the prevailing prices of Chinese cobalt metal would remain at the current level this week.
"We offer RMB208/kg (USD28.9/kg) delivered D/P for cobalt metal 99.8%min and could consider the price as low as RMB206/kg (USD28.7/kg) today, while we offered RMB205/kg (USD28.5/kg) delivered D/P and refused prices lower than RMB204/kg (USD28.4/kg) late last week", said a producer in South China, who failed to close any deal today and sold 3t at RMB204/kg (USD28.4/kg) late last week. The producer stated that their consumers have no intention to restock today due to their cautious attitudes towards the price trend. Given that producers plan to hold their prices stable, insiders predict that the prevailing prices of Chinese cobalt metal would remain at the present level this week.
With an annual production capacity of 2,500t, they estimate to produce about 160t this month, up by about 60t MoM. They hold no stock for the time being. They produced about 1,800t in 2023 and expect to produce about 2,000t in 2024.
"We quote RMB213/kg (USD29.6/kg) delivered D/P and refuse prices lower than RMB210/kg (USD29.2/kg) for cobalt metal 99.8%min today, while we quoted RMB205/kg (USD28.5/kg) delivered D/P and could consider the price as low as RMB202/kg (USD28.1/kg) late last week", noted a trader in Shanghai, adding that they closed no deal today and last sold 5t at RMB205/kg (USD28.5/kg) last Friday. The trader disclosed that consumers placed orders actively yesterday worrying about further prices increase, but today the market remained quiet. Considering the inactive buying activities but high prices of raw material, they anticipate that the mainstream prices of Chinese cobalt metal would stand at the present level this week.
With a regular monthly trading volume of about 150t, the trader expects to sell about 150t this month, down by about 70t MoM. They hold about 30t for the time being.
"We offer RMB208/kg (USD28.9/kg) delivered D/P for cobalt metal 99.8%min and could consider the price as low as RMB206/kg (USD28.7/kg) today, while we offered RMB205/kg (USD28.5/kg) delivered D/P and refused prices lower than RMB204/kg (USD28.4/kg) late last week", said a producer in South China, who failed to close any deal today and sold 3t at RMB204/kg (USD28.4/kg) late last week. The producer stated that their consumers have no intention to restock today due to their cautious attitudes towards the price trend. Given that producers plan to hold their prices stable, insiders predict that the prevailing prices of Chinese cobalt metal would remain at the present level this week.
With an annual production capacity of 2,500t, they estimate to produce about 160t this month, up by about 60t MoM. They hold no stock for the time being. They produced about 1,800t in 2023 and expect to produce about 2,000t in 2024.
"We quote RMB213/kg (USD29.6/kg) delivered D/P and refuse prices lower than RMB210/kg (USD29.2/kg) for cobalt metal 99.8%min today, while we quoted RMB205/kg (USD28.5/kg) delivered D/P and could consider the price as low as RMB202/kg (USD28.1/kg) late last week", noted a trader in Shanghai, adding that they closed no deal today and last sold 5t at RMB205/kg (USD28.5/kg) last Friday. The trader disclosed that consumers placed orders actively yesterday worrying about further prices increase, but today the market remained quiet. Considering the inactive buying activities but high prices of raw material, they anticipate that the mainstream prices of Chinese cobalt metal would stand at the present level this week.
With a regular monthly trading volume of about 150t, the trader expects to sell about 150t this month, down by about 70t MoM. They hold about 30t for the time being.
