Russian cobalt metal market sees little buying
2009-08-31 13:56:47 【Print】
BEIJING (Asian Metal) 31 Aug 09 - Cobalt market keeps sluggish in Russia due to weak demand, with the price stabilizing at around INR1,250-1,300/kg (USD17.71-18.72/lb) for cobalt metal 99.3%min, unchanged compared with last week.
A consumer in Russia told Asian Metal that most suppliers quote INR1,250/kg (USD17.71/lb) for cobalt 99.3%min, the same as last week. As the source still has stock, he is not willing to purchase cobalt in a short time.
The source revealed to Asian Metal that although the general economic condition is improving slightly in Russia, the demand of cobalt from magnetic material and cemented carbide industries is still weak, and the price has been unchanged at around INR1,250-1,300/kg (USD17.71-18.72/lb) for cobalt metal 99.3%min in the recent one month.
The source usually consumes about three tons of cobalt metal monthly, but he has only purchased less than three tons of cobalt in the first half. "Russian cobalt metal will keep in thin trading due to the weak demand," said the source.
A Russian trader also confirmed to Asian Metal that the market is quiet with few deals concluded. "I think it is difficult for the market to become active in a short time as most consumers keep watching the market."
The source believes that the current price is around INR1,300/kg (USD18.72/lb) for cobalt metal 99.3%min but they have not decided to purchase or not.
According to the source, most end-users cut the purchasing volume and they have no intention in purchasing in the short term.
The source predicts taht the market will probably not improve in a short time with price keeping stable.
