Chinese cobalt oxide prices unchanged
2024-04-10 08:36:23 [Print]
BEIJING (Asian Metal) 10 Apr 24 - Under the flat prices of cobalt chloride 24%min, the mainstream prices of Chinese cobalt oxide 72%min hover at RMB128-131/kg (USD17.7-18.1/kg) delivered D/P today, in line with early last week. The demand of magnet remains relatively stable while demand of ceramic and pigment stays very weak. Given the stable prices of cobalt chloride, producers of cobalt oxide prefer to hold their prices steady, therefore, insiders predict that the prevailing prices of Chinese cobalt oxide would hover at the present level this week.
A trader in Hunan quotes RMB131/kg (USD18.1/kg) delivered D/P and refuses prices lower than RMB130/kg (USD17.9/kg) for cobalt oxide 72%min today, the same as early last week. "We sold 3t at RMB131/kg (USD18.1/kg) today and 30t at RMB130/kg (USD17.9/kg) late last week", stated the trader, stressing that 70% of their orders go to magnet industry, of which the demand remains comparatively steady, while demand of ceramics and pigment stays bad. Given the weak demand but high prices of cobalt intermediate, the trader predicts that the mainstream prices of Chinese cobalt oxide would keep flat this week.
With a regular monthly trading volume of about 120t, they estimate to sell about 120t in April, down by about 30t MoM. They hold about 100t for the time being.
"Our supplier offers RMB134/kg (USD18.5/kg) delivered D/P and could consider the price as low as RMB133/kg (USD18.4/kg) for cobalt oxide 72%min today, without much change from early last week", said a consumer in Hunan, adding that they last bought 300kg at RMB134/kg (USD18.5/kg) on April 6. The consumer stressed that demand of ceramic market remains very bad and their consumers buy inactively this month. However, given that upstream suppliers have no plan to decrease prices, they anticipate that the prevailing prices of Chinese cobalt oxide would hover at the present level this week.
With an annual consumption capacity of 9.6t, the consumer expects to consume about 300kg this month, down by about 100kg MoM. They hold about 2.6t of inventory for the time being.
A trader in Hunan quotes RMB131/kg (USD18.1/kg) delivered D/P and refuses prices lower than RMB130/kg (USD17.9/kg) for cobalt oxide 72%min today, the same as early last week. "We sold 3t at RMB131/kg (USD18.1/kg) today and 30t at RMB130/kg (USD17.9/kg) late last week", stated the trader, stressing that 70% of their orders go to magnet industry, of which the demand remains comparatively steady, while demand of ceramics and pigment stays bad. Given the weak demand but high prices of cobalt intermediate, the trader predicts that the mainstream prices of Chinese cobalt oxide would keep flat this week.
With a regular monthly trading volume of about 120t, they estimate to sell about 120t in April, down by about 30t MoM. They hold about 100t for the time being.
"Our supplier offers RMB134/kg (USD18.5/kg) delivered D/P and could consider the price as low as RMB133/kg (USD18.4/kg) for cobalt oxide 72%min today, without much change from early last week", said a consumer in Hunan, adding that they last bought 300kg at RMB134/kg (USD18.5/kg) on April 6. The consumer stressed that demand of ceramic market remains very bad and their consumers buy inactively this month. However, given that upstream suppliers have no plan to decrease prices, they anticipate that the prevailing prices of Chinese cobalt oxide would hover at the present level this week.
With an annual consumption capacity of 9.6t, the consumer expects to consume about 300kg this month, down by about 100kg MoM. They hold about 2.6t of inventory for the time being.
