SHANGHAI, July 9 (SMM) -- Demand for cobalt from lithium battery in July will continue to weaken, and prices of raw material continue to fall. In this context, prices of cobalt products were still on downward track. However, producers were not eager to sell off products as current market prices were lower than their production costs, and producers believed that conditions will improve in August. Speculators were waiting to catch bottom fish when prices of refined cobalt fall to RMB 300,000/mt and prices of cobalt chloride fall to RMB 70,000/mt, further increasing producers' unwillingness to move goods.
It is expected that prices of cobalt products will be temporarily stable in the following week. Traded prices of refined cobalt may move between RMB 300,000-330,000/mt; mainstream traded prices of cobalt chloride may move 70,000-71,000/mt; prices of tricobalt tetroxide will be temporarily stable between RMB 230-233/kg and traded prices of lithium cobalt will move in the RMB 235,000-245,000/mt.
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