[SMM Analysis] Cobalt Chloride: Tug-of-War between Sellers and Buyers Continues, Price Spread between Highs and Lows Persists

The cobalt chloride market sentiment this week remained largely unchanged from the previous week, with bulls and bears continuing to tug back and forth and the stalemate showing no signs of a breakthrough. In terms of supply, top-tier enterprises continued to hold firm on their offers, with mainstream prices hovering around 116,000 yuan/mt and relatively solid support at the bottom; small and medium-sized producers, under pressure to recover funds, flexibly lowered their shipment prices to 114,000-115,000 yuan/mt, but actual transaction volumes remained limited. Demand side, downstream participants remained predominantly cautious and on the sidelines. Although market inquiries were relatively active, substantive transaction growth was insufficient. Dragged down by weak end-use demand, Co3O4 enterprises maintained a conservative procurement strategy for raw material cobalt chloride, with only occasional small restocking orders. Overall, the market still lacked a clear catalyst to drive a price breakthrough.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711