[SMM Analysis] Sentiment of Reluctance to Sell Dominates, Spot Refined Cobalt Prices Remain Strong During the Week

This week, refined cobalt prices continued to rise. Supply side, refined cobalt supply remained relatively sufficient, and smelters generally adopted a strategy of hoarding and standing firm on quotes. Demand side, downstream inquiries were active, with slight follow-up in transactions, and overseas traders were actively purchasing. Market-wise, smelters maintained a strong reluctance to sell, coupled with some traders dumping and transferring to delivery warehouses, leading to strong market speculation and continuously rising spot quotes. It is expected that next week, constrained by difficulties in upstream cobalt salt procurement, refined cobalt spot prices may continue to 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

Yueming Li 021-51666809

Zhicheng Zhou 021-51666711