The China's cobalt powder production in July stood at 757 tonnes, moving down 2.57% MoM and 1.88% YoY respectively. In July, cobalt powder prices were boosted slightly due to the impact of the electrolytic cobalt market. However, orders from the downstream traditional hard-alloy industry remained moderate, and smelters maintained high operating rates, with only slight fluctuations in the overall production this month.
It's likely that powder production in August may reach 770 tonnes. In early August, the firm prices of cobalt powder may have limited transmission to upstream and downstream prices. Coupled with the off-season in August, there will be fewer new orders signing, and market players mainly hold a cautious attitude and focus on digesting existing inventory. It is expected that cobalt powder production will remain stable with a slight decrease in August, mainly focusing on fullfilling early orders.
Edited by Cassie Li, lixiangying@mysteel.com
