SHANGHAI, Jun 15 (SMM) –China’s cobalt sulphate output stood at 6,449 mt in metal content in May, up 3% MoM and 39% YoY. The output amounted to 33,799 mt in metal content in the first five months of this year, up 59% YoY.
The prices of cobalt sulphate was at a historically low level in early May, and the overall operating rates of precursor plants picked up, driving non-integrated precursor plants to restock. As cobalt chloride supply tightened due to strong demand, downstream refined cobalt and Co3O4 producers purchased cheaper cobalt sulphate instead as raw materials. Some cobalt salt factories resumed production, but they mainly focused on cobalt chloride products. Shortages of battery scrap inhibited the output increase of cobalt sulphate producers who use scrap as raw materials.
Downstream demand is expected to continue to improve in June. Cobalt salt enterprises are relatively optimistic over market outlook in H2. SMM sees China’s cobalt sulphate output at 6,886 mt in metal content in June, up 7% MoM and 8% YoY.
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