The Chinese domestic cobalt metal price fell by 3.1% in the midweek pricing session due to sluggish demand during the traditionally weak consumption season causing suppliers to compete fiercely for limited inquiries in the spot market.
Fastmarkets assessed the Chinese domestic cobalt metal price at 220,000-250,000 yuan per tonne ($12.85-14.61 per lb, less China-VAT) on Wednesday June 26, down from 230,000-255,000 yuan per tonne last Friday. Spot inquiries are drying up, resulting in aggressive offers from suppliers keen to encourage buying interest from consumers who otherwise have no intention of topping up inventories. "There are no large-tonnage inquiries from consumers, even inquiries for "hand-to-mouth" procurement are thin," a trader said. "I sold over 100 tonnes of cobalt metal in May, but the number of trades has dramatically dropped so...