[SMM Analysis] Spot Quotes at Major Ports Rise, Cobalt Intermediate Product Prices Continue to Climb During the Week

This week, cobalt intermediate product prices continued their upward trend. Supply side, logistics from South Africa to Chinese ports remained operational, but the supply contraction expectations triggered by the DRC's suspension of cobalt exports continued to intensify. Producers generally adopted a strategy of stockpiling and holding back sales, leading to scarce market circulation of goods. Demand side, downstream salt producers had low long-term contract coverage rates, resulting in rigid restocking demand. Active inquiries and purchases, along with sporadic high-priced spot order transactions, drove up spot prices. It is expected that next week, the short-term supply-demand imbalance will remain unresolved, and cobalt intermediate product prices may continue to rise.

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

Yueming Li 021-51666809

Zhicheng Zhou 021-51666711