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[Minor metal] Refined Cobalt Prices Rise Cautiously in Domestic Market
SHANGHAI, June 29 (CBI China) -- Refined cobalt prices increased to RMB 320,000-330,000/mt from last week level of RMB 310,000-320,000/mt propelled by rising LME cobalt prices.
It is reported that the price rise was due mainly to the rising MB offer last Friday, and the warehouse price for cobalt (rate of purity ≥99.3%) has risen to USD 14.7-15.7/lbs from USD 14.25-14.95/lbs (the import price to China was about RMB 270,000-290,000/mt).
According to foreign media, the rising offer for cobalt in Europe was due directly to the tightness of domestic spot supply. However, actually, domestic market was in balance. Therefore, CBI found out that the domestic and international prices were closely related to each other given no changes in market fundamentals.
However, domestic suppliers lifted the refined cobalt prices cautiously and the actual traded prices reported no marked changes.
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