SMM Analysis: China's unwrought cobalt imports fell 50% MoM in May 2026, exports rose 70% MoM

Published: Jun 22, 2026 16:57

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In May 2026, China’s unwrought cobalt imports were approximately 673 mt, down 50% MoM and up 3% YoY; unwrought cobalt exports were approximately 370 mt, up 70% MoM and down 88% YoY.

In May 2026, China's imports of unwrought cobalt were approximately 673 mt, down 50% MoM and up 3% YoY. By country, the top three sources of refined cobalt imports in May were Indonesia (211 mt), Madagascar (93 mt), and Canada (85 mt). The sharp drop in imports in May was mainly because low-priced cobalt raw materials accumulated overseas earlier had been consumed, and newly imported cobalt plates and cobalt beans were priced higher than other domestic cobalt raw materials, reducing smelters' willingness to purchase for re-dissolution. In terms of average import price, China's average import price of unwrought cobalt in May 2026 was $54,557/mt, up 3.48% MoM. In January-May 2026, cumulative imports totaled 6,589 mt, up 120% YoY.

On the export side, China's exports of unwrought cobalt in May 2026 were approximately 370 mt, up 70% MoM but down 88% YoY. By country, exports to the Netherlands surged, with May exports reaching 205 mt, up 791% MoM. The average export price of unwrought cobalt from China in May 2026 was $53,403/mt, down 2.17% MoM. In January-May 2026, cumulative exports totaled 2,161 mt, down 79% YoY.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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