SMM Analysis: Cobalt Intermediate Market Stagnates Amid Long-Term Contract Pickups and Limited Low-Price Sources

In H1 2026, the cobalt market exhibited two concurrent trends: improved prices YoY and a pullback in prices within the year. Based on the semi-annual reports disclosed so far, most sample enterprises reported improved revenue or profit YoY, but the performance of the cobalt segment was also influenced by factors such as quota policies, production and sales pace, product mix, and working capital arrangements. This article reviews resource-oriented enterprises including Glencore, CMOC, and Sherritt, as well as smelting and materials enterprises such as Huayou Cobalt, CNGR Advanced Material, GEM, Tengyuan Cobalt, Hanrui Cobalt, and Umicore.