SHANGHAI, Nov. 11 -- Due to weak demand, transactions at domestic cobalt market were extremely sluggish. Mianstream traded prices of cobalt from Jinchuan Group were around RMB 330,000/mt and mainstream traded prices of cobalt from Jiangsu Cobalt Nickel Metal Company were around RMB 315,000/mt.
According to a trader in East China, goods moved from cobalt suppliers were extremely limited within this month, and purchasing interest from downstream purchasers was not strong. Another trader in East China reported few enquires for cobalt recently.
Offers of low grade cobalt slipped on MB website. Although suppliers didn’t lower offers along with MB cobalt price decline, domestic cobalt prices may be weighed down slightly in the future.
SMM believes that domestic cobalt prices will be forced to slip between RMB 310,000-330,000/mt amid sluggish transactions and growing bearish sentiment.