Weakly Review and Forecast on Domestic Cobalt Market

SHANGHAI, Feb. 26 (SMM) --

Weekly Review

This week, affected by falling LME cobalt prices, domestic cobalt prices declined slightly. This week is the first trading week after the Chinese New Year Holiday, and overall trading sentiment was extremely sluggish as some producers still haven't resumed production.

Mainstream traded prices of refined cobalt from Jinchuan Group were at around RMB 400,000/mt, and mainstream traded prices of refined cobalt from Zambia were in the RMB 370,000-380,000/mt range, with some unknown brand refined cobalt being traded around RMB 360,000/mt. Cobalt chloride was offered at around RMB 80,000/mt, with mainstream traded prices in the RMB 76,000-78,000/mt range. Mainstream traded prices of cobalt sulfate were around RMB 70,000/mt. Tricobalt tetroxide was offered at RMB 245,000/mt range. Lithium cobalt oxide was offers at around RMB 250,000/mt.

Weekly Forecast

More and more producer will gradually resume production next week, and overall trading sentiment will be slightly brisk than this week. However, since most downstream producers had inventories, cobalt producers didn't receive many orders from the market, and prices were on downward track again. In this context, downstream consumers had low interest to make purchase, and traded prices may continue to fall.

It is expected that cobalt from Jinchuan Group will move at around RMB 40,000/mt. Cobalt sulfuric will move in the RMB 75,000-78,000/mt range; tricobalt tetroxide will fluctuate in the RMB 240,000-245,000/mt range; prices of lithium cobalt oxide will fluctuate around RMB 250,000/mt.

To contact the writer on this report: fergiewang@smm.cn

 
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