Cobalt powder market keeps weak with price falling

Sources told Asian Metal that the cobalt powder market keeps quiet with the price continuing to drop to RMB370-375/kg (USD54.17-54.90/kg) from RMB370-380/kg (USD54.17-55.64/kg)last week. Most consumers are still watching the market, which will probably press down the price of cobalt powder further.
A producer in Guangdong, with an output of about 10tpm of cobalt powder, told Asian Metal that they have to reduce the price of cobalt powder from around RMB380/kg (USD55.64/kg) to RMB370/kg (USD54.17/kg) because consumers show no interest in buying. "In order to make some deals, we even sell at the price of RMB365/kg (USD53.44/kg)," said the source. "Every August is the off-season time, but it was worse this August. Our sales volume reduced by about half this August compared with the normal level." They have just sold about six tons this August, less than 10t of last month.
The source also revealed that consumers buy in smaller quantity. "Usually, our clients purchase one ton at a time, but they buy 500kg at a time now, even less than that. They are still watching the market," said the source.
Another producer in Jiangsu, with an output of about 15tpm of cobalt powder, confirmed to Asian Metal that the price keeps on declining. They can only make deals at around RMB370-375/kg (USD54.17-54.90/kg) in small lots.
Demand from cemented carbide is still weak. Meanwhile, demand from diamond tools also descends. On the other hand, most consumers are reluctant to buy. For one thing, they still hold enough stock at hand. For another thing, they are waiting for the price to drop further.