Chinese cobalt metal prices fell to a seven-month low on Wednesday July 4, with buyers taking a step back to watch international prices that have continued to fall in recent weeks.
Meanwhile, the gap between suppliers' expectations and buyers' bids widened further after local futures prices dipped to a fresh annual low. Metal Bulletin's spot Chinese domestic cobalt metal price dropped to 530,000-550,000 yuan per tonne ($31.25-32.43 per lb China VAT-free) on Wednesday, compared with 535,000-550,000 yuan per tonne last Friday. Mainstream quotations for the domestic Jinchuan cobalt brand stood at about 530,000-540,000 yuan per tonne during the midweek pricing session. While sporadic quotations were heard as low as 510,000 yuan per tonne, buyers appeared to have no interest in conducting buying. Buyers are also reluctant to make any procurements since cobalt contract prices on the Wuxi Stainless Steel Exchange - an indicator for the...