China cobalt prices up, supply tight

Prices of cobalt in eastern China rose 5 percent in the week ended on Wednesday, as domestic producers continued to decrease their production in recent weeks on reduced ore supply, industry sources said.

Prices of cobalt rose 40,000 yuan to trade between 800,000 and 820,000 yuan ($109,300-112,000) per tonne. The prices compared with around 500,000 yuan in late August.

"Ore supplies are still tight and pushing up prices. Therefore many of our competitors have shut down or cut their output," said a trader at Galico Cobalt and Nickel Corp, a leading Chinese firm.

Prices of cadmium ingot and bars remained weak, declining a further 2 to 3 percent over the past week due to weakening demand from China's battery industry after Beijing reduced export incentives early this year.

Following is a table of minor metals prices in China as of Dec. 26.
              Metal              Grade      Price    Weekly change    Pct chg
                                                      (yuan/T)      (yuan/T)
 Magnesium ingot    99.95    30200-30400          0         0
 Antimony ingot         99.85    41500-42000          0         0
 Antimony ingot         99.65    41000-41500          0         0
 Antimony ingot         99.91    41500-42000          0         0
 Manganese              99.80    17500-17700        200       1
 Manganese              95-98    18700-19000          0         0
 Cadmium ingot, bar 99.995   60000-62000      -1000        -2
 Cadmium ingot, bar  99.99    58000-60000      -2000        -3