SHANGHAI, Feb 14 (SMM) - The prices of cobalt products fell across the board in January 2023, with cobalt sulphate and cobalt chloride prices down by 14% and 11% month-on-month respectively.
On the cost side, the lithium prices and overseas refined cobalt prices contracted constantly, dragging down the prices of primary and recycled cobalt. The NEV and electronics markets were gloomy with dismal demand, where the transactions and inquiries were thin compounded by the Chinese New Year (CNY) holiday. The sluggish demand and low costs together caused cobalt prices to decline further.
In February, manufacturers started to resume the production post the CNY holiday, which brought about some restocking demand. At the same time, the prices of intermediate products neared the costs of mines, which suggests that the cost support is likely to ease the decline of cobalt product prices.
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