Prices of Domestic Cobalt Products Keep on Rising

SHANGHAI, Jan. 11 (SMM) -- Affected by rising price trend in overseas market, offers of domestic cobalt products kept on rising. Offers of cobalt ore (6%) advanced to USD 13.5/lbs; mainstream offers of cobalt chloride were in the RMB 77,000-80,000/mt range; mainstream offers of cobalt sulfate were at RMB 65,000/mt; mainstream offers of tricobalt tetroxide were in the RMB 250,000-255,000/mt range; mainstream offers of lithium cobalt oxide were in the RMB 250,000-260,000/mt range.

According to the result of SMM survey, more than 80% suppliers are optimistic towards future market outlook and are reluctant to move goods. The main reasons are as follows: firstly, prices of ore will increase due to expport restriction policy by Congo goverment; secondly, buying of cobalt will increase, which will bring around of price increase of cobalt products as cobalt will be traded on LME;  thirdly, expectation of inflation will also help push cobalt prices on upward track.

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