[SMM Analysis: Price Spread Between Domestic and Overseas Markets Still Exists, Refined Cobalt Mainly for Export]

In April 2024, China's imports of unwrought cobalt were approximately 255 mt in metal content, a MoM increase of 14% and a YoY decrease of 42%. In terms of import average price, in April 2024, the average import price of unwrought cobalt in China was $28,842/mt in metal content. From January to April 2024, the cumulative imports were 849 mt in metal content, a cumulative YoY decrease of 48%.

In terms of exports, in April 2024, China's exports of unwrought cobalt were approximately 622 mt in metal content, a MoM decrease of 37%. In April 2024, the average export price of unwrought cobalt in China was $27,861/mt in metal content. From January to April 2024, the cumulative exports were 2,560 mt in metal content.

According to SMM, due to the expansion of domestic production capacity and weak domestic demand, the increase in import volume was limited. In terms of exports, overseas markets had replenished inventories at low levels in the previous period, leading to a decline in export volume in April.