[SMM Analysis] Refined Cobalt Prices Continued to Decline During the Week

This week, refined cobalt prices slightly declined. Supply side, the market currently has ample inventory with a relatively high circulation volume. Demand side, downstream sectors are gradually resuming operations, with mediocre performance in market inquiries and activity levels. Overall, the market has established an oversupply pattern, and spot prices continued to decline. It is expected that next week, the overall supply-demand pattern may remain unchanged, and refined cobalt prices are likely to face further downward pressure.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Zhicheng Zhou 021-51666711