SHANGHAI, Dec. 5 (CBI China) -- MB and Jinchuan Group lowered offer for cobalt this week, and successive bad news stroke suppliers' confidence in market and buying interests from downstream purchasers as well. More consumers chose to stay in side line, and demand in the market will still be weak and transaction volume will decrease further. Price decline will not be probable for cobalt products except refined cobalt. Combined with continuous production cut, supply of cobalt salt and cobalt oxide has decreased, suppliers can keep current price given no shortage in capital. The key point is whether prices of cobalt ore will drop along with cobalt prices.
CBI predicts cobalt prices will be stable next week. Mainly traded prices for cobalt products will be: refined cobalt at RMB 240,000-260,000/mt, cobalt chloride at RMB 55,000/mt, cobalt sulfate at RMB 50,000/mt, cobaltosic oxide at around RMB 200,000/mt, and lithium cobalt oxide at about RMB 200,000/mt.
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