China November Co3O4 Output And Forecast For December

China's November Co3O4 production hit 6,637 mt, down 18% MoM but up 18% YoY. The drop was due to early demand fulfillment, resulting in fewer orders and slower long-term contract deliveries. With rising spot inventories, prices fell. Despite lower cobalt salt prices, raw material costs remained stable. Smelters, under cost inversion and demand reduction pressures, cut production schedules.

December's consumer market is projected to be weak, with limited new orders and slow spot sales. Anticipating continued softness in the spot market, production is likely to keep falling. Estimated output is around 5,551 mt in December, down 16% MoM but up 11% YoY.