SHANGHAI, Nov. 2 (SMM) -- Domestic offers for cobalt products advanced due to strong increases in MB prices and Jinchuan Group's ex-works price adjustment.
Mainstream offers were RMB 350,000-370,000/mt for refined cobalt, RMB 75,000-78,000/mt for cobalt chloride, RMB 65,000-68,000/mt for cobalt sulfate, RMB 245,000-250,000/mt for cobalt oxide (II, III), and RMB 250,000/mt for lithium cobalt oxide.
SMM believes the increases in prices for cobalt products were due mainly to rising MB prices, since domestic demand was weak. Cobalt prices will fall after fluctuating at high levels, if downstream demand remained weak. However, overseas market supply was relatively tight, helping raise MB prices, and domestic prices for cobalt products will likely climb further as a result. Whether or not the upward cobalt prices can find solid support will depend on downstream demand.
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