Chinese cobalt metal price down, traditional brands lose market share

The cobalt metal price in China edged lower mid-week, pressured by the overall bearish sentiment toward the cobalt market’s outlook following an industry event last week.

Fastmarkets assessed the Chinese cobalt metal price at 410,000-430,000 yuan per tonne ($23.10-24.22) per lb, China VAT-free, on Wednesday November 14, down 4.5% from 430,000-450,000 yuan per tonne previously. “Following the event last week, the overall sentiment remained weak. The news that Glencore suspended the sale of materials from [Kamoto Copper Company] (KCC) didn’t help much to lift up the sentiment,” a first trader said. Glencore-owned Katanga Mining will suspend the export and sale of cobalt from its Kamoto Project in the Democratic Republic of Congo (DRC) after finding excessive levels of uranium in the cobalt hydroxide produced there. “Jinchuan group adjusted their official quotation down from 450,000 yuan...

Published

Susan Zou

November 15, 2018

12:48 GMT

Shanghai