Cobalt Intermediate Product Imports Dropped Sharply in October, but Likely to Pick Up Slightly in November-December

SHANGHAI, Nov 29 (SMM) - Imports of cobalt intermediate products were 5,166 mt in metal content in October (calculated at 27% grade), down 30% MoM.

The ocean freight from Africa, which was lower than that from other regions, increased due to the uncertainty over shipping schedules, further impeding the transportation of cobalt ore and cobalt intermediate products. As overseas refined cobalt prices are higher than the domestic prices, refined cobalt imports other than those under long-term orders dropped sharply. The domestic cobalt raw material inventories will remain tight as the uncertainties over shipping schedules may extend until Q1 2022.