This week, the outer cobalt price has been reduced twice, with the high-grade cobalt currently priced at 12.5–14 USD/lb and low-grade cobalt at 12–13.4 USD/lb. Market inquiries remain limited, and spot transactions are scarce. Suppliers are trying to lighten their positions by offering limited spot deals, but the market lacks support. Below is a detailed breakdown of the prices:
| Product Name | Price (USD/lb) | Average Price | Price Change | Date |
|--------------|----------------|---------------|--------------|------|
| Cobalt 998 | 12.5–14 | 13.25 | Drop 0.15–0.15 | Aug 9 |
| Cobalt 998 | 12.65–14.15 | 13.4 | Drop 0.25–0.25 | Aug 7 |
| Cobalt 993 | 12–13.4 | 12.7 | Drop 0.2–0.2 | Aug 9 |
| Cobalt 993 | 12.2–13.6 | 12.9 | Drop 0.25–0.3 | Aug 7 |
In the domestic market, metal cobalt remained relatively stable in the first half of the week. Zambian cobalt was around 196–197 yuan/kg, while Jinchuan cobalt was priced at approximately 205–206 yuan/kg. However, after the release of the external price on Wednesday, domestic resistance weakened, and most traders adjusted downward by 3–4 yuan/kg. By the end of the week, Zambian cobalt settled at 191–192 yuan/kg, and Jinchuan cobalt at 203–204 yuan/kg.
Looking at historical trends, this price correction has been quite strong, nearing the low point seen in early April. Considering current cost factors, it seems the correction may have reached its bottom. However, with the summer holiday still ongoing, market participants are slowly returning, leading to continued narrow-range fluctuations at the lower end.
Cobalt salts also saw further declines this week, with basic prices dropping by 1,000–1,500 yuan/ton. The trade price for cobalt chloride is now around 51,000 yuan/ton, while cobalt sulfate is trading at about 41,000 yuan/ton. The market remains under pressure.
Regarding cobalt oxides, the price volatility of cobalt trioxide has been slightly less than that of cobalt tetraoxide. Last week, cobalt trioxide fell from 168,000–171,000 yuan/ton to 164,000–167,000 yuan/ton, with most transactions below 166,000 yuan/ton. This decline is mainly due to slower raw material supply in the downstream lithium battery industry.
In summary, the current off-season market has seen a significant price correction in both timing and scale, which appears to be nearing completion. With the end of the summer break, market players are gradually returning, and prices may see a reversal in the near future. However, it's expected that the market will continue to consolidate at the bottom during the adjustment phase next week.
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