[SMM Analysis] Post-Holiday Market Resumes Late, February Cobalt Sulphate Production Continues to Decline

In February 2025, cobalt sulphate production decreased by 5% MoM and increased by 9% YoY. The main reason for the continued decline in February production was the overlap of the Chinese New Year holiday spanning January and February, coupled with the impact of logistics and transportation constraints, leading to a slow recovery in downstream demand. As a result, cobalt sulphate production remained on a downward trend in February. It is expected that in March 2025, as the market gradually recovers and mainstream cobalt sulphate smelters resume operations, production will likely increase. 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