China's cobalt metal imports double y-o-y in May; hydroxide shipments plunge

China imported more than double the volume of cobalt metal in May compared with the same period last year due to arbitrage opportunities, according to market sources.

China imported 435 tonnes of cobalt metal in May, up 107% year on year from 210 tonnes and 151% higher than April 2020 when imports totaled only at 173 tonnes, according to China Customs data.
Several market participants cited the narrowing arbitrage between the Chinese and European market as the major driver behind importers' strong buying appetite.
"The import arbitrage was quite good approaching the end of May," a trader source said, adding that some of the imported metal was off-grade units, which might carry decent discounts.

Fastmarkets' cobalt 99.8% Co min, ex-works China assessment averaged 252,000 yuan ($35,658) per tonne at...

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