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Chinese cobalt tetroxide price picks up

Data:2014-01-02 19:39hit:121
BEIJING (Asian Metal) 31 Dec 13 – Chinese cobalt tetroxide price rises to RMB148/kg (USD24.22/kg) from RMB146-147/kg (USD23.9-24.06/kg) early this week, pushing up by the downstream restocking. Furthermore, participants believe that the price will move up further before the Chinese Spring Festival during one week at the beginning of next February.
A producer from South China, with an output of around 100tpm for cobalt tetroxide, revealed to Asian Metal that his price is at RMB148/kg (USD24.22/kg) for cobalt tetroxide currently. “We have long-term contracts with regular customers,” said the source, “so the price is a little higher than the current level.”
According to the source, they will complete the total sales of around100 tons in December. “I think the price is probably to pick up further in a short time, and many producers seem unsatisfied to their prices,” said the source. 
With a monthly consumption of around 7-8t of cobalt tetroxide, a South China consumer told Asian Metal that they last week purchased around 7-8 tons of cobalt tetroxide at RMB148/kg (USD24.22/kg), up by around RMB1-2/kg (USD0.16-0.33/kg) compared with that of the previous week. 
 “Suppliers anticipate that buyers will make replenishment before the (Chinese Spring) Festival,” said the source. “I think the price of cobalt tetroxide is going to hit RMB150/kg (USD24.55/kg) next month.”