Some metal traders are bullish about a possible NFSRA stockpiling. 9, though the prices have ease through the week as market sentiment cooled. "If you traced NFSRA buying on metals, the market has always responded upwards."Ĭhinese sources cited gains of up to Yuan 50,000/mt in domestic cobalt metal prices Aug. they did this with nickel, copper, and a lot of other products," a US trader said. Unconfirmed rumors suggested further stockpiling of 3000 mt metal early 2021. The Chinese state reserves authority is estimated to have bought just over 2,000 mt cobalt metal in fourth quarter, 2020. Some sources have theorized that the NFSRA purchases commodities mainly to support market prices. The NFSRA is responsible for purchasing and storing reserves of strategic materials and executing certain procedures in accordance with the National Development and Reform Commission, China's top economic planner. 10, down 38% from a 2022-high toward end-April, S&P Global Commodity Insights data showed. Platts assessed 99.8% cobalt metal at $24.5/lb IW Rotterdam Aug. It still comes down to demand from the battery sector." "But this metal purchasing will not offer much help on hydroxide or sulfate prices. "It is difficult to get official confirmation and we are still not certain ," said a Chinese trader. Weak demand from the 3C - computers, communications, and consumer electronics - sector and the battery industry's efforts to reduce cobalt usage in nickel-manganese-cobalt batteries are likely to continue to weigh on cobalt metal prices, sources said. NFSRA stockpiling has typically lifted the market sentiment, but sources are uncertain whether it can help boost the sluggish Chinese sulfate and hydroxide markets, which are struggling to regain footing even after the lifting of Shanghai's COVID-19 lockdown. Receive daily email alerts, subscriber notes & personalize your experience.
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