Jiangsu Xiongfeng increases output of cobalt chloride

BEIJING (Asian Metal) 28 Mar 24 - Jiangsu Xiongfeng Technology Co, a main producer of cobalt chloride 24%min in Jiangsu, increased their output to about 280 metal ton in March, a source from the company revealed to Asian Metal.

"Owing to holiday of Spring Festival, we halted production and our output reduced a lot in February. However, we resumed production in the second half of February after holiday and our production returned to normal level in March", said the source, adding that their consumers place orders actively recently supported by good demand from cobalt tetroxide market.

With an annual production capacity of 12,000t, they aim to produce approximately 280t this month, while they produced about 70t last month. Holding about 100t in stock, they produced around 1,700t last year and hold an unsure attitude about the output this year.

Currently, the mainstream prices of Chinese cobalt chloride 24%min moved down to RMB39,000-39,500/t (USD5,397-5,467/t) delivered D/A 180 days, down by about RMB500/t (USD69.2/t) from late last week.Asian Metal Copyright However, we resumed production in the second half of February after holiday and our production returned to normal level in March", said the source, adding that their consumers place orders actively recently supported by good demand from cobalt tetroxide market.Asian Metal Copyright Considering the bearish sentiment of the market, insiders anticipate that the mainstream prices of Chinese cobalt chloride would move down further in the forthcoming week.
.Asian Metal Copyright "Owing to holiday of Spring Festival, we halted production and our output reduced a lot in FebruaryAsian Metal Copyright