A fresh wave of stockpiling activities boosted the Chinese cobalt metal spot market price on Wednesday July 31.
Fastmarkets assessed the price of cobalt 99.8% Co min, exw China at 222,000-232,000 yuan per tonne ($12.83-13.53 per lb, minus China VAT) on Wednesday, up 0.9% from 220,000-230,000 yuan per tonne on July 26. Renewed speculative buying this week was prompted by a combination of an easing downtrend in the international cobalt benchmark price and tight spot availability of certain brands of domestic Chinese metal, according to market participants. Fastmarkets' benchmark cobalt standard grade, in-whs Rotterdam price was $12.30-12.65 per lb on July 26, down...