Chinese cobalt sulfate prices down
2024-04-22 08:30:39 [Print]
BEIJING (Asian Metal) 22 Apr 24 - Under the oversupply and reducing prices of cobalt intermediate, the mainstream prices of Chinese cobalt sulfate 20.5%min decrease to RMB30,000-31,000/t (USD4,222-4,363/t) delivered D/A 180 days, down by about RMB500/t (USD70.4/t) from late last week. The market remains very quiet and consumers only buy from hand to mouth due to their bearish attitudes towards the price trend. Given the strong bearish attitudes of market participants, the mainstream prices of Chinese cobalt sulfate are expected to go down in the coming week.
"We offer RMB31,000/t (USD4,363/t) delivered D/A 180 days and could consider the price as low as RMB30,500/t (USD4,292/t) for cobalt sulfate 20.5%min today, while we refused prices lower than RMB32,000/t (USD4,504/t) delivered D/A 180 days late last week", said a producer in Hunan, who closes no deal today and last sold 120t at RMB32,000/t (USD4,504/t) late last week. The producer discloses that demand of consumers remains very soft, leading to inactive buying activities. Given the quiet market, they foresee that the mainstream prices of Chinese cobalt sulfate would go down in the coming week.
With an annual production capacity of 7,200t, they estimate to produce about 200t this month, the same as last month. They hold around 300t of stocks for the time being.
"Our supplier could consider the price as low as RMB30,500/t (USD4,292/t) delivered D/A 180 days for cobalt sulfate 20.5%min today, while we last bought 20t at RMB31,000/t (USD4,363/t) delivered D/A 180 days with the same quotation late last week", stated a consumer in Henan, adding that based on the price of the drying agent requested by their customers, they could only ensure a meager profit if the purchase price for cobalt sulfate is maintained at RMB29,700/t (USD4,180/t). Given that their suppliers have intention to decrease their prices further, they forecast that the mainstream prices of Chinese cobalt sulfate would move down in the upcoming week.
Based on an annual consumption capacity of 600t, the consumer estimates to consume about 35t this month, without much change MoM. They hold no stock only dealing with back-to-back orders now. The consumer consumed about 360t in total last year.
"We offer RMB31,000/t (USD4,363/t) delivered D/A 180 days and could consider the price as low as RMB30,500/t (USD4,292/t) for cobalt sulfate 20.5%min today, while we refused prices lower than RMB32,000/t (USD4,504/t) delivered D/A 180 days late last week", said a producer in Hunan, who closes no deal today and last sold 120t at RMB32,000/t (USD4,504/t) late last week. The producer discloses that demand of consumers remains very soft, leading to inactive buying activities. Given the quiet market, they foresee that the mainstream prices of Chinese cobalt sulfate would go down in the coming week.
With an annual production capacity of 7,200t, they estimate to produce about 200t this month, the same as last month. They hold around 300t of stocks for the time being.
"Our supplier could consider the price as low as RMB30,500/t (USD4,292/t) delivered D/A 180 days for cobalt sulfate 20.5%min today, while we last bought 20t at RMB31,000/t (USD4,363/t) delivered D/A 180 days with the same quotation late last week", stated a consumer in Henan, adding that based on the price of the drying agent requested by their customers, they could only ensure a meager profit if the purchase price for cobalt sulfate is maintained at RMB29,700/t (USD4,180/t). Given that their suppliers have intention to decrease their prices further, they forecast that the mainstream prices of Chinese cobalt sulfate would move down in the upcoming week.
Based on an annual consumption capacity of 600t, the consumer estimates to consume about 35t this month, without much change MoM. They hold no stock only dealing with back-to-back orders now. The consumer consumed about 360t in total last year.
