Fastmarkets’ assessment of the cobalt sulfate 20.5% Co basis, exw China
price was assessed at 89,000-93,000 yuan ($13,914-14,539) per tonne on Wednesday October 20, up by 1,000 yuan per tonne from 88,000-92,000 yuan per tonne on October 15. The price was up by 13,000-14,000 yuan per tonne from 76,000-79,000 yuan per tonne on September 1, when prices began to trend upward.
Downstream buying for the raw material has not significantly improved because most buyers remained cautious on higher prices and hesitated in purchasing large volumes of materials.
In late September, consumers from the nickel-cobalt-manganese (NCM) battery precursor materials sector cut their production by at least 30% due to the power cut policy in China. Though some precursor producers’ production returned to normal in October, purchasing activity remained low and sources expect more production curbs in winter, which...