MetalBulletin reported that China’s cobalt market is sinking lower as producers cut production due to low prices and tight raw material supply.
As quoted in the market news:
While most major Chinese producers have long-term contracts for concentrate or intermediates for raw material supply, some are now buying cobalt chloride to save costs.
A major cobalt chemical producer stated:
Almost all of the companies that can only use cobalt concentrate for production have stopped output.