Chinese cobalt metal price surges on futures gains; healthy import appetite points to higher shipments in Aug-Sep

The spot cobalt metal price in China continued to rally in the second half of the week following upturns in the local futures market since Thursday and a slight improvement in consumers' restocking appetite.

Fastmarkets' assessment for cobalt 99.8% Co min, exw China rose to 255,000-265,000 yuan ($36,363-37,789) per tonne (equivalent to approx. $14.59-15.16 per lb, less China VAT) on Friday July 24, up 3.4% from 248,000-255,000 yuan per tonne on Wednesday.
Local futures prices for the blue metal have moved up quickly since midweek due to raw materials supply constraints while the majority of metal smelters are highly dependent on seaborne feedstock.

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