Cobalt metal suppliers in Europe bearish about the price trend
2024-04-26 08:18:00 [Print]
BEIJING (Asian Metal) 26 Apr 24 - Dragged by reducing prices of cobalt metal in China and soft demand, cobalt metal suppliers in Europe hold bearish attitudes about the price trend and anticipate that the prevailing prices of cobalt metal in Europe would show a downward trend next week. Currently, the mainstream prices of cobalt metal 99.8%min in Europe stand at USD12-12.3/lb in warehouse Rotterdam, down by about USD0.2/lb from late last week.
"Owing to the oversupply, we predict that the mainstream prices of cobalt metal in Europe would go down in the coming week", said a trader in Europe, who offers USD12.3/lb in warehouse Rotterdam for cobalt metal 99.8%min and refuses prices lower than USD12/lb today, while they quoted USD12.6/lb in warehouse Rotterdam and could consider the price as low USD12.3/lb late last week. The trader fails to close any deal this week and sold 10t at USD12.3/lb late last week.
With a regular monthly trading volume of about 20t, they estimate to sell about 20t this month, the same as last month. They hold around 50t of stocks now.
"Under the reducing prices in China, we think that the mainstream prices of cobalt metal in Europe would show a downward trend in the coming week", noted a trader in Europe, adding that they quote USD14.5/lb in warehouse Rotterdam and could consider the price as low as USD14/lb for cobalt metal 99.8%min today, in line with late last week. They sold 2t at USD14/lb early this week and 1t at USD14/lb late last week.
Based on a typical monthly trading volume of approximately 60t, they expect to sell about 60t this month, the same as last month. They hold around 115 in the warehouse at the moment.
"Owing to the oversupply, we predict that the mainstream prices of cobalt metal in Europe would go down in the coming week", said a trader in Europe, who offers USD12.3/lb in warehouse Rotterdam for cobalt metal 99.8%min and refuses prices lower than USD12/lb today, while they quoted USD12.6/lb in warehouse Rotterdam and could consider the price as low USD12.3/lb late last week. The trader fails to close any deal this week and sold 10t at USD12.3/lb late last week.
With a regular monthly trading volume of about 20t, they estimate to sell about 20t this month, the same as last month. They hold around 50t of stocks now.
"Under the reducing prices in China, we think that the mainstream prices of cobalt metal in Europe would show a downward trend in the coming week", noted a trader in Europe, adding that they quote USD14.5/lb in warehouse Rotterdam and could consider the price as low as USD14/lb for cobalt metal 99.8%min today, in line with late last week. They sold 2t at USD14/lb early this week and 1t at USD14/lb late last week.
Based on a typical monthly trading volume of approximately 60t, they expect to sell about 60t this month, the same as last month. They hold around 115 in the warehouse at the moment.
