Stagnant spot activity continued to weigh on the cobalt sulfate price in China, with spot offer prices marching lower in the mid-week assessment on Wednesday March 6 amid persistent selling pressure.
Fastmarkets assessed the Chinese cobalt sulfate, basis 20.5% Co market price at 57,000-60,000 yuan ($8,491-8,938) per tonne on March 6, down by 3,000-4,000 yuan per tonne or 5.6% from 60,000-64,000 yuan per tonne on March 1. Some suppliers had lowered their spot quotations by 2,000-3,000 yuan per tonne on March 6 compared with the end of last week, while others took to the sidelines as they awaited further indication on the direction of the price before making any offers.But the lower spot quotations seen mid-week failed to rekindle any significant buying interest from consumers, who continue to conduct their buying on a hand-to-mouth basis, procuring only enough material to satisfy their...