SHANGHAI, Jan 12 (SMM) - The monthly average price of refined cobalt stood at 473,000 yuan/mt in December, an increase of 14% MoM and 78% YoY. The prices are expected to climb further in January.
The domestic refined cobalt prices followed the overseas prices up at the beginning of December, narrowing the price difference between the two. This, coupled with growing magnetic material exports, encouraged refined cobalt plants to increase their production.
The price increase slowed down in the middle of the month due to quiet overseas market before the Christmas holiday, and downstream purchases were made on rigid demand.
The prices stabilised at the end of the month. The domestic refined cobalt plants reduced their production due to losses, while downstream demand was weak. The overseas prices were also stable amid the Christmas holiday.