August 06, 2024 06:12 GMT
MNI BRIEF: China Soft Lithium And Cobalt Demand Expected
MNI (Beijing)
Lithium carbonate prices in China are expected to remain weak in the short term due to poor demand, Mysteel, a Shanghai based commodity research firm said in a note on Tuesday wriiten after a 4.2% price drop last week .
Buy side weakness meant the cobalt outlook remained bearish in August, with prices of cobalt sulfate and chloride expected around CNY29,000 and CNY35,500 per tonne in the short term, the note said.
China’s consumption and importation of crude oil will slow to low single digit percentage growth in 2024 from 2023's 11.5% y/y increase as base effects fade and the uptake of electric vehicles increases, a leading Chinese energy expert recently told MNI, noting industrial demand will remain robust. (SEE: MNI INTERVIEW: China Crude Oil Demand To Slow In 2024)
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