SHANGHAI, Dec. 10 (SMM) -- Decline for domestic cobalt prices slowed, signalizing that price bottom may occur. If cobalt prices released MB website continue to fall, cobalt prices slip slightly in the short term. SMM expects that domestic cobalt prices will largely remain stable in the following week.
Based on current offers from MB website, import costs for low graded refine cobalt are between RMB 278,000-297,000/mt after conversion, leaving no profits for importers. SMM believes that any room for domestic refined cobalt prices to fall will be very limited, and mainstream traded prices will be stable between RMB 290,000-308,000/mt.
As prices of cobalt concentrate are high and small and medium cobalt salt producers have already generated certain cash following selloffs of cobalt salts in the previous two weeks. SMM believes that cobalt salt prices will receive certain support. Prices of cobalt choloride will move between RMB 67-70/kg and prices for cobalt sulfate will be temporarily stable between RMB 57-60/kg in the following week.
Any room for tricobalt tetraoxide to fall further is limed due to stabilized cobalt salt prices. SMM believes that prices for tricobalt tetraoxide will move between RMB 221-225/mt in the following week.
Prices for lithium cobalt oxide response slowly towards raw material price changes, and may slip slightly in the following week. SMM expects that prices for lithium cobalt oxide will move between RMB 230-235/kg in the following week.
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