ANTAIKE BATTERY MATERIALS CONF: Have cobalt prices bottomed out in China?

FASTMARKETS -- Metal Bulletin heard different voices at Antaike’s Battery Materials Conference held in Shangyu, China on July 18-20. 

China’s cobalt market looks healthy, despite recent declines. Cobalt prices look like they have bottomed out in China, Aaron Cao, president of Shanghai Greatpower told delegates. 

Recent negativity stemmed from weaker seasonal demand, a squeeze on credit in China, and inventory sales during a falling market. Prices for Chinese domestic cobalt metal, min 99.8%, fell to lows of 520,000-540,000 yuan ($76,826-79,781) per tonne in early July, from highs of 675,000-690,000 yuan per tonne in early April, but have stabilized over the past week while international cobalt prices continued to cool.