Cobalt Market Warms up Due to Jinchuan Group's Price Adjustment

Sep 1, 2010 10:28

Source:SMM

SHANGHAI, Aug. 31 (SMM) -- Affected by the impact from Jinchuan Group’s price adjustment, domestic traders lifted their offers. Currently, mainstream offers of cobalt were between RMB 350,000-358,000/mt, and transactions were relatively brisk from past few days.

Market participants told that Jinchuan Group’s price increase gave a dose of confidence to the market, and would stimulate sluggish cobalt market. Most participants were optimistic towards future price outlook. However, some participants stated that the oversupply situation of domestic refined cobalt hasn’t changed, so any room for cobalt prices to climb would be limited.

Jinchuan Group lifted refined cobalt prices from RMB 330,000/mt to RMB 340,000/mt.

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Cobalt Market Warms up Due to Jinchuan Group's Price Adjustment

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