March 19, 2015
Cobalt Metal Price Hits the Bottom in China
Author: Asian Metal
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Cobalt Metal Price Hits the bottom in China
BEIJING (Asian Metal)
19 Mar 15 - Cobalt metal prices have kept stable at RMB207-210/kg (USD15.1-15.30/lb) in recent ten days in china and most participants believe that the prices have hit the bottom with the proof of more deals in the market recently.
A source from a smelter in South China with an output of around 200tpm told Asian Metal that the smelter holds on RMB210/kg (USD15.3/lb) for its cobalt metal this week after it reduced the price form RMB213/kg (USD15.5/lb) last week. "Impacted by the sliding price in the international market, we lowered the price last week, " said the source, "but we won't reduce the price further though somebody still tries to put the price down."
Meanwhile, the smelter has received a batch of renewed orders from the fixed clients in recent days. "We don't believe the price will go down further, and the export price is also unchanged at around USD13.0/lb," added the source.
A source from a major Chinese smelter with an output of around 3,000 tons last year confirmed that the smelter maintains the prices of cobalt metal at between RMB208/kg (USD15.1/lb) and RMB213/kg (USD15.5/lb) this week, the same as that of last week. "We won't follow others to reduce the price further, at least for the coming one or two weeks," said the source.
The source even believes that the cobalt metal price has hit the bottom in China. "Cobalt ore price is steady and the supply is not sufficient." said the source. "I just don't understand why they lowered the price continuously over the past month."
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