MetalBulletin reported that if prices for cobalt metal remain under $13 per pound, Chinese buyers will likely switch to metal from concentrate.
Articles Tagged "China"
Tanzanian exploration specialists are kicking off a nickel- and cobalt-focused spin off aimed at tapping China and India's growing demand for resources in Eastern Africa.
Cobalt prices are seen depressed at least until next year as an oversupply of this critical mineral continues.
MetalBulletin reported that China's cobalt market is sinking lower as producers cut production due to low prices and tight raw material supply.
Oversupply has been depressing cobalt prices this year, and with new projects slated to bring more than 7 percent of current world production online by next year, the situation is expected to worsen. But with the Congo and China controlling most of the world’s cobalt supply, there is room for other producers of this critical mineral.
IBTimes reported that China is considering deep sea exploration for polymetallic deposits and cobalt.
Cobalt is a critical mineral with far-ranging applications, but with the Congo and China controlling the world’s cobalt supply, western nations, many of which do not produce any cobalt, are expanding recycling programs to alleviate shortage of the mineral.
Cobalt prices have been weakening this year due to oversupply and an expected surplus from new projects scheduled to start later this year. While demand is also increasing, a surplus of the metal is expected to last at least until 2016.
China has had a profound influence on the cobalt industry, as increases over recent years are almost exclusively from demand from the country.
The Japan Times reported that a Chinese sub is en route for mining exploration in the Pacific Ocean.