[SMM Analysis] Electrolytic Cobalt Price rebound Cobalt Sulfate Price is expected to be corrected in the short term

Published: May 11, 2020 19:46 (GMT+8)

Save

SMM, 11 May:

SMM believes that cobalt sulfate prices may recover slightly in the short term, but will not last long, and prices will remain under pressure at a later stage.

At present, the mainstream price of cobalt sulfate market in China is 4.4-47000 yuan / ton, which is stable compared with the previous working day. Ternary materials and precursor manufacturers counter-offer cobalt sulfate due to downstream pressure, but cobalt sulfate manufacturers are strong prices, especially the recovery of electrolytic cobalt market prices more stimulate the mood of suppliers.

It is understood that at present, the operating rate of domestic small cobalt sulfate producers is very low, the product circulation in the market is not much, the average operating rate of large and medium-sized producers is maintained at about 50%. The operating rates of cobalt sulfate manufacturers and ternary precursor manufacturers are going down at the same time, and the overall operating rate of the two product markets is less than 40%. The price of electrolytic cobalt has rebounded to 23.0-245000 yuan / ton, and it is difficult to purchase cobalt raw materials. The average price of cobalt sulfate is only about 220000 yuan / ton. Considering that large cobalt sulfate plants hold more stocks of products and raw materials in the market and have relatively strong bargaining power, SMM expects that the price of cobalt sulfate may rise by 500 yuan / ton in the short term.

Despite the lifting of the ban on South African ports, cobalt ore shipments are mostly scheduled after mid-May, and suppliers of short-term mismatches of raw materials want to raise prices. However, as overseas electrolytic cobalt prices fell and remained under pressure, crude cobalt hydroxide prices fell $0.2 / lb from last week to $9.6-$10.2 / lb. Domestic ternary precursor downstream orders have no signs of significant growth, weak demand is difficult to continue to support the price recovery, SMM believes that cobalt sulfate prices have a short-term correction, but the overall price remained low in May.

Price forecast cobalt sulfate

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Oct 02, 2026 16:26 (GMT+8)

Aterian reports higher Rwanda 3T ore sales; trading margins remain estimates

[SMM Tantalum Flash] Aterian’s interim results, released on 30 September, show £1.341 million of Tantalum and other ore-sales revenue for the six months to 30 June 2026, up from £20,000 a year earlier. Gross profit was £522,000, while the group recorded a £568,000 pre-tax loss. Its Rwanda trading business deployed about US$2.18 million in working capital through joint-venture purchases. Management valued potential sales from those purchases at US$2.78 million, but cautioned that the notional valuation is not additional recognised revenue. The implied US$602,000 gross trading profit is also a management estimate, dependent on completed sales, assays, realised prices, costs and the joint venture’s profit allocation. Aterian said traceability inspections limited suppliers and volumes. It held £131,000 in cash at 30 June; its expectation of expanding trading volumes from the fourth quarter still depends on execution and funding.

Oct 02, 2026 16:26 (GMT+8)

Oct 02, 2026 16:23 (GMT+8)

Tusker’s Malawi sampling points to ilmenite dominance

[SMM Titanium Flash] Tusker Minerals reported on 30 September that follow-up sampling at its Mzimba project in northern Malawi had changed its geological interpretation. Magnetic titanium exceeded calculated rutile-equivalent in 112 of 149 regional soil samples, pointing to an ilmenite-dominant system with localised rutile. Thirty-three shallow pit-channel samples did not show high-grade rutile persisting with depth. Tusker said the results do not support an immediate rutile-focused drilling programme on the Phase 1 anomalies. The result weakens the specific premium-rutile exploration case suggested by earlier selected samples. It does not establish a mineral resource or show that ilmenite could be mined profitably. Tusker will reassess its geological model before deciding on further Mzimba work; its near-term capital and technical focus remains on Cameroon. The mineral mix and grade continuity still need to be established before the project’s feedstock potential can be assessed.

Oct 02, 2026 16:23 (GMT+8)

Oct 02, 2026 14:34 (GMT+8)

【Flash | Coherent’s PhotonLink Sets the Stage for a Commercial Indium Phosphide (InP) Ramp】

Coherent launched PhotonLink, an integrated optics platform for AI infrastructure incorporating Indium Phosphide (InP) lasers, silicon photonics, detectors and optical modules. The company disclosed more than 10 CPO engagements, over 10 NPO engagements and more than five chip-to-chip connectivity projects, with anchor customers and long-term agreements secured for both CPO and NPO. Revenue is expected to begin ramping in Q4 2026. Coherent has shipped over 300 million InP lasers and is expanding its 6-inch InP manufacturing capacity to support the ramp. The customer pipeline provides a clearer commercial demand signal for InP devices and upstream materials, although additional capacity and indium consumption were not disclosed.

Oct 02, 2026 14:34 (GMT+8)