China’s cobalt metal prices retreat on downstream resistance to higher prices

Offer prices in China’s cobalt metal market have been diverse so far this week, with producers maintaining their offer prices at levels seen late last week while most traders lowered their offer prices to secure sales with end-users who had halted activity to resist the price rallies of recent weeks.

Chinese cobalt metal prices dipped by 2.4% to 400,000-430,000 yuan ($58,239-62,607) per tonne on Wednesday March 1. This equates to $26.42-28.40 per lb. 
February saw a steep rise in domestic cobalt metal prices, largely due to the increasingly higher cost to import the blue metal – prices in China rose 32% in fewer than three weeks from February 8.
The fundamental backdrop for cobalt metal has remained tight in the international market and fund interest continued to mop up stocks

As a result, Metal...

Published

Susan Zou

March 01, 2017

14:10 GMT

Shanghai