Cobalt oxide market in Europe quiet
2024-03-22 10:51:49 [Print]
BEIJING (Asian Metal) 22 Mar 24 - Although some suppliers tried to increase their offers, cobalt oxide market in Europe remains quiet in Europe due to weak demand of consumers. Today, the prevailing prices of cobalt oxide 72%min in Europe stand at EUR16.9-17.9/kg (USD18.4-19.5/kg) in warehouse Rotterdam, without much change from late last week. Some traders consider to restock due to their bullish attitudes towards the price trend for a long term, while consumers still stay in no hurry to buy. Given that suppliers have no plan to decrease their prices, insiders estimate that the prevailing prices of European cobalt oxide would keep firm in the coming week.
"Dragged by consumers' reluctance to buy, we expect to sell about 2t in March, down by about 3t MoM", said a supplier in Europe, adding that the market remains quiet and they failed to close any deal this week, while some suppliers increase their prices due to their unwillingness to sell at lower prices. The supplier got an offer of cobalt oxide at EUR16.6/kg (USD18.1/kg) CIF Rotterdam without any concession this morning, while the supplier offered EUR16.5/kg (USD18.0/kg) CIF Rotterdam without any counteroffer late last week. They last bought 5t at EUR16.3/kg (USD17.8/kg) at the end of February. Considering that a lot of suppliers plan to increase their prices, they predict that the prevailing prices of European cobalt oxide would go up in the upcoming week.
With a regular monthly trading volume of about 20t, they estimate to sell about 2t this month, down by about 3t MoM. They hold about 3t for the time being.
"The market stays quiet this month, the same as last month. As a result, we have no deal from February", said another supplier in Europe, who offers EUR19.5/kg (USD21.2/kg) in warehouse Rotterdam and could consider a concession of EUR0.5/kg (USD0.5/kg) from late last week. They last sold 5t at EUR17/kg (USD18.5/kg) in early January. The supplier disclosed that they still have no confidence for the demand in April because of two holidays then and they only have two completed weeks in April. But given that suppliers plan to hold their prices firm, they foresee that the mainstream prices of cobalt oxide in Europe would remain stable in the coming week.
"Dragged by consumers' reluctance to buy, we expect to sell about 2t in March, down by about 3t MoM", said a supplier in Europe, adding that the market remains quiet and they failed to close any deal this week, while some suppliers increase their prices due to their unwillingness to sell at lower prices. The supplier got an offer of cobalt oxide at EUR16.6/kg (USD18.1/kg) CIF Rotterdam without any concession this morning, while the supplier offered EUR16.5/kg (USD18.0/kg) CIF Rotterdam without any counteroffer late last week. They last bought 5t at EUR16.3/kg (USD17.8/kg) at the end of February. Considering that a lot of suppliers plan to increase their prices, they predict that the prevailing prices of European cobalt oxide would go up in the upcoming week.
With a regular monthly trading volume of about 20t, they estimate to sell about 2t this month, down by about 3t MoM. They hold about 3t for the time being.
"The market stays quiet this month, the same as last month. As a result, we have no deal from February", said another supplier in Europe, who offers EUR19.5/kg (USD21.2/kg) in warehouse Rotterdam and could consider a concession of EUR0.5/kg (USD0.5/kg) from late last week. They last sold 5t at EUR17/kg (USD18.5/kg) in early January. The supplier disclosed that they still have no confidence for the demand in April because of two holidays then and they only have two completed weeks in April. But given that suppliers plan to hold their prices firm, they foresee that the mainstream prices of cobalt oxide in Europe would remain stable in the coming week.
