Cobalt Product Quotes in the Doldrums, Refined Cobalt Dropped Over 20,000 Yuan in a Single Week, Cobalt Sulphate Extends Losing Streak to Five Days [Weekly Observation]

SMM July 24 News: Prices of cobalt industry chain products remained generally in the doldrums this week. With the release of import and export data, spot refined cobalt prices fell by 22,500 yuan/mt for the week due to import data exceeding expectations, the demand off-season, and downstream summer breaks. Meanwhile, the cobalt salt market saw sluggish inquiries and transactions, with the market still awaiting the realization of downstream concentrated restocking demand.... SMM has compiled the price changes for cobalt products this week, as follows:

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According to SMM spot price data, spot refined cobalt prices drifted lower this week. As of July 24, spot refined cobalt prices fell to 340,000–360,000 yuan/mt, averaging 350,000 yuan/mt, compared to 372,500 yuan/mt on July 17, a drop of 22,500 yuan/mt or 6.04%.

According to SMM, at the beginning of the week, impacted by cobalt intermediate product and refined cobalt import data slightly exceeding expectations, futures prices for refined cobalt pulled back sharply, triggering concentrated position reductions by bulls and further accelerating the decline. Mid-week, prices stabilized briefly but lacked momentum for a rebound under the constraint of weak demand, consolidating at lows overall. Supply side, mainstream smelters lowered their ex-factory prices to 365,000 yuan/mt. After the rapid price decline, traders' spot-futures price spread was raised to a premium range of 1,000–10,000 yuan/mt. Demand side, downstream enterprises are in the summer break cycle, with purchase willingness at a low ebb, only maintaining small-scale restocking for rigid demand.Overall,July and August are the traditional consumption off-season for refined cobalt, with limited demand support, and short-term prices may remain in the doldrums.

Raw Material—Cobalt Intermediate Products:

According to SMM spot price data, spot cobalt intermediate product prices remained stable this week. As of July 24, spot cobalt intermediate product (CIF China) prices were at $23–24/lb, averaging $23.5/lb.

Spot market side, the market tug-of-war remained intense in the spot cobalt intermediate product market. Supply side, some Chinese miners continued to quote based on the low-end European standard refined cobalt price multiplied by the cobalt hydroxide coefficient, but actual transactions were difficult to close due to significant differences in psychological price levels for the premium coefficient between upstream and downstream. Demand side, affected by the weakening prices of cobalt salt and refined cobalt, downstream smelter psychological price levels for raw materials have further pulled back to around $21–22/lb. Additionally, the China cobalt intermediate product import data for June released early in the week was higher than market expectations, alleviating concerns about future raw material shortages to some extent and further weakening purchase willingness. In the short term, miners held firm intentions to hold prices, but downstream demand support remained insufficient, with ongoing tug-of-war between both sides. Intermediate product prices were expected to remain stable.

Cobalt salts ( and ):

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According to SMM spot quotes, cobalt sulphate spot quotes began a continuous decline within the week. As of 24 July, cobalt sulphate spot quotes dropped to 82,000-84,000 yuan/mt, with an average of 83,000 yuan/mt, down by 2,000 yuan/mt from 85,000 yuan/mt on 17 July, a decline of 2.35%.

According to SMM, trading sentiment for cobalt sulphate remained sluggish this week. On the supply side, primary smelters maintained high offers, with mainstream enterprises holding firm at 80,000-85,000 yuan/mt. Recycled-material smelters showed relatively stronger willingness to sell, with some enterprises lowering quotes below 78,000 yuan/mt. No significant improvement was observed on the demand side. Top-tier players still held sufficient raw material inventories and had yet to release new procurement demand. Some small and medium-sized enterprises had rigid restocking needs, but influenced by the sharp decline in refined cobalt prices, purchasing sentiment leaned cautious, with intended prices anchored near the 73,000-74,000 yuan/mt cost level for refined cobalt reverse dissolution. A substantial gap with seller offers remained, leading to relatively limited actual transactions.In the short term, cobalt sulphate prices were expected to maintain a consolidating on a subdued note pattern, with a sustained recovery awaiting the realization of concentrated downstream restocking demand.

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According to SMM spot quotes, cobalt chloride spot quotes also drifted lower this week. As of 24 July, cobalt chloride spot quotes dropped to 99,000-100,000 yuan/mt, with an average of 99,500 yuan/mt, down by 1,500 yuan/mt from 101,000 yuan/mt on 17 July, a decline of 1.49%.

According to SMM, the cobalt chloride market remained sluggish this week, with no significant increase in inquiry activity and order signing still limited. On the supply side, smelters mostly kept their offers stable, though current offers largely reflected the upstream intent to hold prices firm, making transactions at quoted prices very difficult. On the demand side, the "rush to buy amid continuous price rise and hold back amid price downturn" logic continued to dominate, with cautious entry decisions and a strong wait-and-see sentiment. Moreover, downstream inventories were relatively sufficient, resulting in low urgency to purchase.In the short term, prices were expected to maintain a sideways movement.

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According to SMM spot quotes, Co3O4 spot quotes remained stable this week. As of 24 July, Co3O4 spot quotes temporarily held steady at 310,000-330,000 yuan/mt, with an average of 320,000 yuan/mt, unchanged from 17 July.

According to SMM, in the spot market, the Co3O4 market remained sluggish this week, with actual transactions still very limited. Supply side, entering Q3, shipment pressure on enterprises was generally light, concentrated selling pressure eased, and offers stabilized. Demand side, cathode material plants mainly pushed for lower prices in inquiries and made small purchases based on demand, lacking the motivation to actively restock. The sluggish market continued to constrain upstream shipment pace. In the short term, Co3O4 movements remain highly correlated with cobalt salt prices, and it will likely move sideways alongside cobalt chloride.

On the news front, this week, the General Administration of Customs released cobalt product import and export data for June. According to customs data, China's unwrought cobalt imports in June 2026 were about 1,120 mt, up 66% MoM and up 105% YoY. By source, the top three for refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. Although China's refined cobalt prices pulled back significantly in June, the export and import 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 China's imports. The import average price of unwrought cobalt in June 2026 was $52,228/mt, down 4.27% MoM. Cumulative imports in January-June were 7,709 mt, up 118% YoY.

On the exports side, China's unwrought cobalt exports in June 2026 were about 503 mt, up 36% MoM and down 46% YoY. By destination, the top three were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. The export average price was $59,579/mt, up 11.56% MoM. Cumulative exports in January-June were 2,664 mt, down 76% YoY.

China's imports of cobalt hydrometallurgy intermediate products in June 2026 were about 10,961 mt in physical content, up 324% MoM and down 42% YoY. Imports from the DRC were about 10,815 mt in physical content, up 423% MoM and down 43% YoY. The import average price of cobalt hydrometallurgy intermediate products in June 2026 was $16,352/mt in physical content, down 1.54% MoM. Of this month's intermediate product imports, about 7,561 mt in physical content entered Zhejiang and Guangdong via Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; Ordinary Trade was about 2,849 mt in physical content, accounting for 26%; and processing trade with imported materials was about 550 mt in physical content, accounting for 5%.