SMM Analysis: Cobalt Sulfate Production Declines Further in October Amid Weak Demand and Cost Pressures

Published: Nov 8, 2024 20:45

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【SMM Analysis: Cobalt Sulfate Production Continues to Decline in October】In October, China's cobalt sulfate production decreased by 1% month-on-month and 28% year-on-year. The primary reasons for the decline in production in October are as follows: Due to the current scarcity of spot demand and high social inventories, spot prices have continued to decline. Additionally, the robust performance of raw material prices has imposed significant cost pressures on cobalt sulfate smelters. With cost inversion, the overall market operating rate has remained at a relatively low level. It is anticipated that the spot supply-demand relationship will not improve significantly in November, and thus cobalt sulfate production will continue to decline.

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