Downstream demand to improve in Q3, cobalt prices resumed their upward trend

Published: Jul 7, 2021 14:33

Save

Inventories of domestic cobalt raw materials have declined 7,200 mt with metal content since January 2021. The supply shortage in Q1 stood at 5,100 mt of metal content and at 2,100 mt of metal content in Q2 which has eased on a quarterly basis.

SHANGHAI, Jul 7 (SMM) — Inventories of domestic cobalt raw materials have declined 7,200 mt with metal content since January 2021. The supply shortage in Q1 stood at 5,100 mt of metal content and at 2,100 mt of metal content in Q2 which has eased on a quarterly basis.

Q1: Domestic cobalt raw material supply shortages lingered amid stockpiling for Chinese New Year holidays, cobalt reserve buyout by the State Reserve Bureau, low inventories at companies and logistics issues in South Africa. Prices of smelting products rose sharply. Port capacity has recovered at the beginning of March, and cobalt raw material inventory shortages were expected to ease, lowering prices. Q2: Inventory shortages eased at smelters due to the off-season, lowering prices of smelting products. The supply gap of raw materials reoccured in May, slowing price declines of smelting products.

Q3E: The peak season for 3C combined with the commissioning of many ternary precursors and cathode material production lines of materials are expected to bolster cobalt products prices.

Note: Domestic cobalt raw materials include supply of cobalt concentrates, cobalt intermediate products and recycled scrap; cobalt briquettes and cobalt plates can also be used as raw material after being dissolved.

Cobalt

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 to learn 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

14 hours ago

In January, national passenger car producers' new energy wholesale estimates reached 900,000 units, up 1% YoY.

According to the latest data from the Passenger Car Association, in December 2025, producers with new energy wholesale sales exceeding 10,000 units accounted for 93% of the total wholesale sales of passenger NEVs that month. Based on preliminary January data, these producers achieved sales of 830,000 units in January. As most producers have already locked in their major sales figures, by applying the structural proportion from the previous month to the current month's data, the estimated wholesale sales of passenger NEVs nationwide in January were 900,000 units. According to comprehensive preliminary monthly association data: the estimated wholesale sales of NEVs by national passenger car producers in January 2026 were 900,000 units, up 1% YoY.

14 hours ago

CAAM: In 2025, 476,000 complete vehicles were imported, down 32.4% YoY.

据中国汽车工业协会整理的海关总署数据显示，2025年12月，汽车整车进口3.0万辆，环比下降30.4%，同比下降56.1%；进口金额14.7亿美元，环比下降23.6%，同比下降52.5%。2025年，汽车整车进口47.6万辆，同比下降32.4%；进口金额236.4亿美元，同比下降39.7%。

14 hours ago

Canada Announces New EV Strategy, to Collaborate with China

According to CCTV News, on February 5, Canadian Prime Minister Mark Carney announced a new electric vehicle strategy, including the reinstatement of car purchase subsidies, and stated that Canada will cooperate with China to promote the local production and export of EVs in Canada. According to a statement released by the Prime Minister's Office of Canada, the country will make full use of existing and newly established trade agreements, including a recently reached EV cooperation agreement with China, to facilitate large-scale investment in this sector, diversify Canada’s automotive export markets, and position Canada as one of the global leaders in the electric vehicle industry.

14 hours ago