[SMM Analysis] In June 2026, China's unwrought cobalt imports and exports rose 66% MoM and 36% MoM, respectively.

In June 2026, China's imports of unwrought cobalt were about 1,120 mt, up 66% MoM and 105% YoY. By country, the top three sources of refined cobalt imports were Indonesia (476 mt), Russia (293 mt), and Madagascar (148 mt). Although the refined cobalt price in China pulled back significantly in June, the import-export window remained completely closed. However, due to weak overseas demand for refined cobalt, some overseas traders still chose to ship refined cobalt to China, leading to a substantial increase in imports. The average import price of unwrought cobalt in June 2026 was $52,228/mt, down 4.27% MoM. Cumulative imports in January-June 2026 reached 7,709 mt, up 118% YoY.

In terms of exports, China's exports of unwrought cobalt in June 2026 were about 503 mt, up 36% MoM but down 46% YoY. By country, the top three destinations were the US (132 mt), Taiwan, China (125 mt), and the Netherlands (66 mt). The average export price of unwrought cobalt in June 2026 was $59,579/mt, up 11.56% MoM. Cumulative exports in January-June 2026 reached 2,664 mt, down 76% YoY.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu 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