SMM weekly review and forecast for refined cobalt

The price of refined cobalt inched up last week. On the supply side, refined cobalt enterprises are making lucrative profits with a high operating rate. Spot goods supply remains tight in the market. However, more refined cobalt capacity is under trial production this month, stimulating the long-term supply in the future. On the demand side, manufacturers in the downstream high-temperature alloy and magnetic material fields make purchases for rigid demand as previously. Due to the recent downturn of the futures contract prices, the willingness to lower prices is strong. Refined cobalt price is expected to drop this week.