Weekly Review and Forecast on Cobalt Market

SHANGHAI, Jan. 29 --

Review

Cobalt prices released on MB website declined slightly, and prices of domestic cobalt products dropped slightly as prices increases in the previously lacked of support previously. Prices of refined cobalt from Jinchuan Group fell to RMB 405,000/mt; prices of cobalt from Zambia fell to RMB 385,000/mt; offers of cobalt from Morocco in Brazil were in the RMB 375,000-380,000/mt range. Transactions of cobalt ore were few, but offers were firm, with mainstream offers of  cobalt ore (Co≥6%) were USD 14/lbs; mainstream traded prices of cobalt chloride were in the RMB 77,000-80,000/mt range; traded prices of cobalt sulfate were around RMB 70,000/mt; traded prices of tricobalt tretroxide were in the RMB 250,000/mt; traded prices of lithium cobalt oxide were at 255,000/mt. Large suppliers were reluctant to move goods at low prices, and deals were mainly reached in a small amount.

Forecast

Next week, producers will gradually be off on holidays, and transactions will gradually reduce in the market. It is expected that prices of 99.3% refined cobalt will continue to fall in the overseas market, and any room for nickel prices in domestic market to decline with overseas market will be limited and market will have high prices but no transactions.
Trade prices of domestic refined cobalt from Jinchuan Group will move in the RMB 405,000-410,000/mt range; mainstream traded prices of cobalt chloride will move in the RMB 77,000-80,000/mt range; prices of tricobalt tetroxide will remain in the RMB 250,000-255,000/mt range; prices of lithium cobalt oxide will move in the RMB 250,000-260,000/mt range.

To contact the writer on this report: fergiewang@smm.cn

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