Oversupply concerns undermine China’s cobalt metal prices

Concerns over an oversupply of imported cobalt in China have continued to weigh on prices for the metal in the country’s domestic market.

Fastmarkets’ assessment for cobalt 99.8% Co min, ex-works China dropped to 255,000-268,000 yuan ($38,906-40,890) per tonne on Wednesday November 18, down by 2,000-3,000 yuan per tonne (0.9%) from 258,000-270,000 yuan per tonne on November 13.
The latest assessment is approximately $15.60-16.41 per lb, minus Chinese value-added tax.
A significant amount of the blue metal was delivered to China in the third quarter of this year due to strong buying interest among Chinese importers due to prices in the East Asian country outperforming those in Europe since the middle of the second quarter.

China imported a 2,182 tonnes...

Published

Susan Zou

November 19, 2020

04:56 GMT

Shanghai