Fastmarkets’ assessment for cobalt 99.8% Co min, exw China
dropped to 295,000-310,000 yuan per tonne (approx $16.72-17.57 per lb, China-VAT free) on Friday, down by 2.4% from the midweek pricing session.
Spot demand has not fully resumed in the first week after the National Day holiday on October 1-7, particularly because most consumers restocked adequate units ahead of the holiday. Meanwhile, a sharp drop in the cobalt price on the local futures platform damaged prompt buying appetite.
The most-traded November cobalt contract on the Wuxi Stainless Steel Exchange dropped to 266,500 yuan per tonne at the close on Friday, compared with 283,500 yuan...