Sharp Divergence in China's May Unwrought Cobalt Trade: Import Slump vs Export Surge

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.