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SMM Weekly Forecast on Cobalt Market
SHANGHAI, July 23 (SMM) -- Demand for cobalt doesn't show any sign to recover in the short term, and prices will still linger at low level.
Some smelters cut capacity, while some expand capacity and launch new products. Market supply is expected to increase and be concentrated by limited suppliers. Domestic demand remains weak, and the oversupply situation may deteriorate further. Cobalt prices in overseas market still move at low levels, and domestic cobalt prices will continue to linger at low level in the recent term due to lack of support from demand.
It is expected that mainstream traded prices of refined cobalt will move between RM 300,000-320,000, prices of cobalt chloride may move around 70,000/mt, prices of cobaltous sulfate will be temporarily stay firm at RMB 58,000/mt, prices of tricobalt tetroxide will move between RMB 225-230/kg and traded prices of lithium cobalt will move in the RMB 230,000-240,000/mt.
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