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[SMM analysis] the price of cobalt sulfate reduced by cobalt sulfate in a leading cobalt smelter in East China may hit bottom in a short time.
Jun 6,2019 08:49CST
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The content below was translated by Tencent automatically for reference.

SMM, June 6 / PRNewswire-Asianet /-

Recently, the cobalt sulfate market has been in the doldrums. On June 5, SMM cobalt sulfate quoted 4.1-43000 yuan per ton, with an average price of 42000 yuan per ton. The discount price for electrolytic cobalt and cobalt chloride was 40, 000 yuan and 10, 000 yuan, respectively. And cobalt sulfate raw material cobalt hydroxide price is higher, SMM June 5 cobalt hydroxide quotation 9.7 US $10.2 / lb, enterprise profitability is damaged, production power is insufficient. According to SMM research, in order to cope with the low market price of cobalt sulfate, a leading cobalt smelter in Zhejiang has converted about 400 tons of cobalt sulfate production capacity to nickel salt since May, and in order to cope with the risk of subsequent cobalt price fluctuations, actively go to finished product inventory. The downturn of cobalt sulfate market is directly related to the weakening of dynamic market demand. Recently, the production of ternary materials market has shrunk, the demand for upstream raw materials has shrunk, the battery factory has adjusted the demand structure, and the demand for 56 series products has declined in the short term. The market expects three yuan of demand or maintain the current level in the next two months, it is difficult to grow. According to SMM data, from January to April 2019, the cobalt sulfate balance in China showed that cobalt sulfate stocks were about 600 metal tons. In May 2019, China's cobalt sulfate production or month-on-month decline of 11%, the balance between supply and demand in May showed de-inventory. As a result, the price of cobalt sulfate may hit bottom in the short term.

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