Spot‑price declines for cobalt metal widened this week, with overall market sentiment weakening.

Published: Aug 6, 2026 18:17

Save

Spot‑price declines for cobalt metal widened this week, with overall market sentiment weakening. On the supply side, mainstream smelters cut their ex‑factory offers to RMB 340,000 per tonne, while most small‑and‑medium‑sized smelters have largely suspended quoting due to loss‑making pressures. On the demand side, downstream players remain in the summer‑shutdown cycle with muted purchasing appetite, only conducting small‑volume restocking for rigid‑demand needs.

This week’s price drop was mainly sentiment‑driven. Overseas spot and futures quotation platforms lowered their offers simultaneously. Previously resilient overseas prices softened, weighing notably on domestic market sentiment. Coupled with persistent price weakness of Chinese cobalt salts and cobalt intermediate products, bearish market sentiment has gradually intensified. Some previously on‑hold stockholders started offloading stocks, adding further downward price pressure.

Overall, the market is in cobalt’s traditional consumption off‑season with limited demand‑side support. Combined with softer overseas prices and bearish sentiment, prices may stay weak in the near term.

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 for 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 Carbonate Market Weekly Review: 8.3-8.6 Spot Lithium Carbonate Price Center Moved Down Slightly WoW [SMM Weekly Review]

7 hours ago

8 hours ago

[SMM Energy Storage Battery Cell Market Weekly Review 8.06] Energy storage battery cell prices remain stable, with large-capacity products expected to accelerate shipments in H2

[SMM Analysis] This week, the energy storage battery cell market remained stable overall. The pullback in lithium chemical prices has not yet significantly transmitted to the battery cell side, and only some orders adopting a raw material linkage mechanism saw slight downward adjustments. The average price of 314 Ah battery cells remained around 0.365 Yuan/Wh. As the implementation details of the battery consumption tax have not yet been released, most battery cell enterprises have not yet uniformly raised prices. The additional tax costs may be shared through negotiation between upstream and downstream players in the industry chain. In terms of product structure, in H1, shipments of large-capacity battery cells above 500 Ah reached approximately 42 GWh, accounting for 8.6%. The market is still dominated by deliveries of 314 Ah products. As large battery cell capacity is gradually released in H2, the shipment share of these cells is expected to increase to around 15%.

8 hours ago

The cobalt powder market remained weak this week, and actual transactions stayed thin.

The cobalt powder market remained weak this week, and actual transactions stayed thin. On the supply side, mainstream producers kept their offers within RMB 440,000‑460,000 per tonne, while some physical deal prices have dipped to RMB 430,000‑440,000 per tonne. More low‑price offers emerged among traders, further depressing market psychological price levels. Cobalt carbonate, the raw material, remained under price pressure. Some offers have fallen below RMB 200,000 per tonne. Market trading nearly stalled with no valid transaction references available. Downstream cemented carbide enterprises are constrained by end‑user orders, showing no acceleration in raw‑material consumption and maintaining slow purchasing rhythms. Apart from long‑term contract orders, spot‑deal volumes are relatively limited. In terms of market sentiment, most participants adopt a wait‑and‑see stance, generally believing that no notable market improvement will materialize in the short term.

8 hours ago