[Minor metal] Weak Transactions in Domestic Refined Cobalt Market

SHANGHAI, May 6 (CBI China) -- Refined cobalt transactions were weak in domestic market, with the price stabilizing in the MRB 310-320/kg range.

    Sources report that domestic demand for refined cobalt remained low, while a portion of imported cobalt flowed into domestic market, leading to supply increases. Oversupply exerted greater pressure on the price, but select domestic suppliers were reluctant to sell off the inventories with the price below RMB 310/kg, and maintained price at RMB 310-320/kg. The cost of a portion of imported refined cobalt was RMB 270/kg, so the importers were willing to sell goods at RMB 300/kg.

    Some market insiders said although the imported cobalt price was relatively low, the limited volume of imports will exert limited impact on the market in the short term; meanwhile, the high ore price will help support refined cobalt price, leaving possible upward trend for the price.

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