Cobalt cathode market continues edging up in China

BEIJING (Asian Metal) 1 Aug 06 – Jinchuan raised its cobalt price from RMB279/kg (USD13.52/lb) to RMB286/kg (USD13.86/lb) on July 31, which boosts up people’s confidence in cobalt cathode market further.

Although Jinchuan offers RMB286/kg (USD13.86/lb) ex works for cobalt cathode, the company does not have sufficient materials to supply.Asian Metal Copyright86lb ex works for cobalt cathode, the company does not have sufficient materials to supply.Asian Metal Copyright “Jinchuan will not have cobalt cathode to supply to new customers this August,” said a close source in South China, “The Company will overhaul equipments and reduce output this month.”

As Jinchuan seldom sells cobalt cathode out to traders, those traders who hold materials are in a hurry to raise prices to around RMB298/kg (USD14.44/lb) or even RMB305/kg (USD14.67/lb).Asian Metal Copyright”When price starts to rise, consumers also are hurried into inquiring for cobalt cathode.Asian Metal Copyright

“Traders are not holding much materials in stock, and seeing that Jinchuan is raising cobalt prices, they are eager to raise prices,” said a trader in South China who is offering a steady price of Zambian cobalt 99.6% for RMB320/kg (USD14.91/lb).Asian Metal Copyright”As Jinchuan seldom sells cobalt cathode out to traders, those traders who hold materials are in a hurry to raise prices to around RMB298kg USD14.Asian Metal Copyright “People’s confidence about cobalt cathode market is held up high.Asian Metal Copyright”It’s unlikely for price to increase during summer holidays when demand is pretty weak, "But this year’s situation is abnormal,” said the source, “So we’re expecting this turn of price increase to forge a strong cobalt cathode market.Asian Metal Copyright”

When price starts to rise, consumers also are hurried into inquiring for cobalt cathode. “For fear that the price may climb higher, consumers have startd to buy more cobalt cathode,” said the source, “And we expect the market price to rise higher.Asian Metal Copyright”When price starts to rise, consumers also are hurried into inquiring for cobalt cathode.Asian Metal Copyright”

It’s unlikely for price to increase during summer holidays when demand is pretty weak, "But this year’s situation is abnormal,” said the source, “So we’re expecting this turn of price increase to forge a strong cobalt cathode market.”