[SMM Weekly Review] The cobalt intermediate products market remained in a state of "quoted prices without actual transactions" this week, with prices stabilizing in the range of $25.5-$26.0/lb.

Published: Feb 5, 2026 18:41

Save

The cobalt intermediate products market remained in a state of nominal pricing with thin trading this week, with prices holding steady in the range of $25.5–26.0/lb. News such as the US "stockpiling plan" and the acquisition of certain cobalt mining rights of overseas miners by US-funded enterprises heightened market concerns about cobalt raw material shortages in China in 2026, strengthening suppliers' willingness to hold prices firm. However, as the year-end approaches, some smelters have entered the stage of clearing production lines and preparing for shutdowns, leading to a noticeable decline in purchase willingness and resulting in sluggish actual market transactions. Overall, against the backdrop of large-scale arrivals of cobalt intermediate products remaining distant, increased geopolitical risks are expected to exacerbate the structural tightness of domestic intermediate products, maintaining upward pressure on prices.

This week, the cobalt intermediate products market maintained a state of "having prices but no market," with prices stabilizing in the range of $25.5~26.0/lb. News such as the US "stockpile plan" and the acquisition of some cobalt mining rights of overseas miners by US-funded enterprises increased market concerns about cobalt raw material shortages in China in 2026, strengthening suppliers' willingness to hold prices firm. However, as the year-end approaches, some smelters have entered the stage of clearing production lines and preparing for shutdowns, leading to a significant weakening in purchase willingness and resulting in sluggish actual market transactions. Overall, against the backdrop that large-scale arrivals of cobalt intermediate products remain distant, increased geopolitical risks will exacerbate the structural tightness of domestic intermediate products, and prices still have upward drivers.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Xiao Wenhao 021-51666872

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Wang Zhaoyu 021-51666827

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

7 hours ago

Lithium Battery Exports Surge 63% in Jan-Feb 2026, Prices Stabilize After Sharp Drops

According to data from the CPCA, lithium battery exports reached 926,000 mt in January-February 2026, up 63%, while export value rose 43% to $14.2 billion. The export price of lithium-ion batteries fell from $27,300/mt in 2023 and $20,100/mt in 2024 to $15,700/mt, and further to $15,300/mt in 2026. The average price in 2026 declined only 10% YoY, a marked improvement from the 26% drop in 2024 and the 22% drop in 2025.

7 hours ago

9 hours ago

【SMM Analysis】Zhongke Liquid Sunshine (Shawan) Green Hydrogen Zero‑Carbon Project Commences Construction

9 hours ago

13 hours ago

1 Billion m²/Year Dry-Process Separator Project For Lithium/Sodium Batteries Lands In Nanning

Recently, Nanning Urban Construction Investment Group and Huahui New Material Technology Co., Ltd. signed an agreement for the lithium/sodium battery dry-process separator intelligent manufacturing project. The total investment for the project is approximately 500 million yuan. It plans to build a new production line with an annual capacity of 1 billion square meters of dry-process separators for lithium/sodium batteries. The project will introduce Guangxi's first new-generation dry-process uniaxial stretching and 4.2-meter-wide biaxial stretching battery separator production line. It is expected that upon reaching full capacity, the annual output value will be approximately 800 million yuan, creating 170 jobs, and establishing the first battery base film production base in Guangxi.

13 hours ago