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[Minor metal] Slim Transactions in Domestic Refined Cobalt Market
SHANGHAI, Apr. 24 (CBI China) -- Transactions were slim in domestic refined cobalt market, exerting pressure on the price.
Currently, oversupply still exists in domestic refined cobalt market. On the one hand, cobalt supply increased due to gradual arrivals of imported refined cobalt, and the cost of imported refined cobalt was about RMB 260,000/mt, with the selling price at RMB 300,000/mt, dampening the traded price of domestic refined cobalt. On the other hand, domestic demand continued to be weak, and the demand from magnetic material and hard alloy markets became deteriorating, as the producers carried out production limits and cuts.
Oversupply fundamentals exerted huge pressure on the price, with the traded price in the RMB 300,000-320,000/mt range.
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