Imports of cobalt raw materials increased in April, cobalt prices bottomed out on costs support

SHANGHAI, Jun 2 (SMM) – Domestic cobalt raw material stocks fell 4,000 mt in metal content from January to April, excluding refined cobalt. However, the dissolution of refined cobalt and cobalt plates are estimated to have made up for 2,000 mt (metal content) of cobalt raw material supply gap from January to April. SMM sees cobalt raw material supply gap at 224 mt (metal content) in May, excluding refined cobalt.

The import prices of cobalt intermediate products rose sharply, higher than the price increase of smelted products, which provided cost support to smelters and allowed cobalt prices to gradually bottom out. The average import price of cobalt intermediate products was $41,950/mt in metal content from January to April, up 61% year-on-year. In terms of smelted products, the average price of refined cobalt was 342,000 yuan/mt in metal content, up 29% year-on-year, that of cobalt sulphate was 78,000 yuan/mt in metal content, up 56%, and that of tricobalt tetraoxide was 292,000 yuan/mt in metal content, up 52%.