[SMM Analysis] Cobalt Intermediate Product Imports Rose Both YoY and MoM in March

According to customs data, China's imports of cobalt hydrometallurgy intermediate products in March 2025 were approximately 17,850 mt in metal content (converted at a 35% grade), up 20.6% MoM and 5.6% YoY. In terms of import prices, the average import price of cobalt hydrometallurgy intermediate products in March 2025 was $12,351/mt (metal content).

By country, the DRC remained the main source of imports in March, with imports of about 17,600 mt in metal content (converted at a 35% grade) and an average import price of $12,374/mt (metal content), accounting for approximately 98.5% of total imports.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lv 021-20707875

Yujun Liu 021-20707895

Zhicheng Zhou 021-51666711