European cobalt price drops further

BEIJING (Asian Metal) 11 Apr 08 – As a result of the weak buying activities from consumers, the European cobalt prices continue to fall. Market participants reported that the 99.Asian Metal CopyrightThe source opined that the cobalt price drop is a result of the European consumer's persistence, reasoning, "The consumers continues to buy small quantities for hand-to-mouth, resisting the high prices.Asian Metal Copyright8%min cobalt cathode prices have decreased further to the range of USD49.Asian Metal Copyright"However, he believes that the price fall would not last more than two or three weeks.Asian Metal Copyright00-51.00/lb and the 99.Asian Metal Copyright50lb.Asian Metal Copyright3%min cobalt ingot to the range of USD47.Asian Metal Copyright00lb for the 99.Asian Metal Copyright50-48.50/lb.Asian Metal Copyright3%min cobalt ingot prices to be in the range of USD47.Asian Metal Copyright

An official from a European producer told Asian Metal that the cobalt market is quiet. He claimed that he has not received many inquiries and revealed that he had sold 4mt of the 99.Asian Metal Copyright50lb.Asian Metal Copyright3%min cobalt ingot at USD47.50/lb this week.Asian Metal Copyright50lb.Asian Metal Copyright He holds the 99.Asian Metal Copyright"However, he believes that the price fall would not last more than two or three weeks.Asian Metal Copyright8%min cobalt cathode to be in the range of USD49.Asian Metal Copyright An official from a European producer told Asian Metal that the cobalt market is quiet.Asian Metal Copyright00-50.50/lb.Asian Metal Copyright3%min cobalt ingot prices to be in the range of USD47.Asian Metal Copyright

The source opined that the cobalt price drop is a result of the European consumer's persistence, reasoning, "The consumers continues to buy small quantities for hand-to-mouth, resisting the high prices. And when prices really begin to fall, they wait and expect prices to fall further.Asian Metal Copyright3%min cobalt ingot to the range of USD47.Asian Metal Copyright Moreover, some traders who could not finance their material on hand any longer are dumping stocks at very low prices.Asian Metal Copyright Moreover, some traders who could not finance their material on hand any longer are dumping stocks at very low prices.Asian Metal Copyright"

However, he believes that the price fall would not last more than two or three weeks. "As the fundamentals of the market remains that there is strong demand across the board, from the catalyst, chemical, magnet, and especially in superalloys industries.Asian Metal Copyright50-48.Asian Metal Copyright On the other hand, there is limited supply worldwide and we would not see any significant increase by the middle of next year or even 2010.Asian Metal CopyrightIn view of the recent Norilsk's lowering of quotation to USD48.Asian Metal Copyright"

A European trader holds the 99.8%min cobalt cathode prices to be in the range of USD49.Asian Metal Copyright3%min cobalt ingot to the range of USD47.Asian Metal Copyright50-51.00/lb and the 99.Asian Metal Copyright3%min cobalt ingot, and BHP Billiton's price reduction of a whole US dollar to USD51.Asian Metal Copyright3%min cobalt ingot prices to be in the range of USD47.Asian Metal CopyrightThe source opined that the cobalt price drop is a result of the European consumer's persistence, reasoning, "The consumers continues to buy small quantities for hand-to-mouth, resisting the high prices.Asian Metal Copyright50-48.50/lb.Asian Metal Copyright"A European trader holds the 99.Asian Metal Copyright

In view of the recent Norilsk's lowering of quotation to USD48.00/lb for the 99.Asian Metal Copyright8%min cobalt cathode to be in the range of USD49.Asian Metal Copyright3%min cobalt ingot, and BHP Billiton's price reduction of a whole US dollar to USD51.25/lb today, the trader opined, "The reason is that Norilsk and BHP have quoted too high a price in the first place.Asian Metal Copyright00lb and the 99.Asian Metal Copyright And as most consumers have been buying only hand-to-mouth, the producers had no choice but to lower quotations after realizing that not a single sale has been made in the past weeks."