Fastmarkets assessed the price of cobalt metal, min 99.8%, in China’s domestic market at 255,000-290,000 yuan ($38,039-43,261) per tonne on March 20, widening downward by 5,000 yuan per tonne from 260,000-290,000 yuan per tonne previously. The latest assessed range is equivalent to approximately $14.89-16.92 per lb, excluding China’s value-added tax (VAT).
After a brief stabilization in early March, the Chinese domestic blue metal price resumed its downward trend after the international cobalt benchmark price began a new round of sharp price falls in the middle of March.
Fastmarkets’ standard-grade cobalt price suffered a further loss during the mid-week assessment on March 20, sliding to $13.30-14.25 per lb from $13.90-14.85 per lb on March 15. The 4.2% decline on March 20 follows a similar drop on March 13.
“It seemed like the downswing [in the international cobalt metal price] had slowed down,...