SMM Analysis: DRC’s Export Ban Drove Chinese Co3O4 Production to Surge in March

In March 2025, Co3O4 production increased slightly both MoM and YoY. This growth was mainly attributed to the low inventory levels of downstream LCO manufacturers, who urgently needed to make purchases, thereby driving Co3O4 enterprises to maintain stable production. Additionally, news of cobalt exports raised concerns among LCO enterprises about price increases, leading some companies to engage in advance purchasing, further boosting the activity of the Co3O4 market and driving incremental production schedules for some enterprises. It is expected that in April 2025, driven by downstream demand, Co3O4 enterprises may receive more orders, continuing to achieve growth both MoM and YoY. SMM New Energy Research Team Cong Wang 021-51666838 Rui Ma 021-51595780 Ye Yuan 021-51595792 Disheng Feng 021-51666714 Ying Xu 021-51666707 Yanlin Lyu 021-20707875 Yujun Liu 021-20707895 Xiaodan Yu 021-20707870 Zhicheng Zhou 021-51666711