November 14 news: North China ports: South African high-iron ore at 29.6–30.1 yuan/mtu, up 0.34% WoW; South African semi‑carbonate ore at 34.1–34.6 yuan/mtu, flat WoW; Gabonese ore at 39.7–40.5 yuan/mtu, up 0.25% WoW; Australian lumps at 39.9–40.6 yuan/mtu, up 0.25% WoW from last Tuesday; South African medium‑iron ore at 35.4–35.9 yuan/mtu, up 0.28% WoW. South China ports: South African high‑iron ore at 30.8–31.3 yuan/mtu, up 0.32% WoW; South African semi‑carbonate ore at 36.9–37.6 yuan/mtu, flat WoW; Gabonese ore at 40.5–41.2 yuan/mtu, up 0.25% WoW; Australian lumps at 40.2–40.9 yuan/mtu, up 0.25% WoW; South African medium‑iron ore at 37.3–37.8 yuan/mtu, up 1.35% WoW. Overall, due to high cargo ownership concentration and elevated future costs, manganese ore prices at ports are holding firm, and the market is expected to remain strong in the short term.

On November 6, 2025, the assessment report of the mining rights transfer income for the undeveloped lithium ore resources in the Zhankouli-Fengxin County Jianxiawo mining area in Yifeng County, Jiangxi Province, was published on the official website of the Jiangxi Provincial Department of Natural Resources.

Located approximately 100 kilometers northwest of Menzies, the Mt Ida Critical Minerals Project is emerging as a pivotal development in Western Australia's mining sector. This integrated operation employs an innovative model, combining the extraction of three critical minerals – lithium, rubidium, and tantalum – within a unified development framework, significantly enhancing operational efficiency and economic returns while strongly supporting lithium industry innovation within Australia's critical minerals sector.

The price center of cobalt sulphate edged up slightly this week. Over the weekend, domestic enterprises announced a suspension of toll processing for intermediate products, which boosted market sentiment and improved transaction activity. On the supply side, driven by production costs, smelters continued to raise their offers: quotations for cobalt sulphate produced from MHP and recycled materials reached 88,000-90,000 yuan/mt, while offers for cobalt sulphate made from intermediate products approached 95,000 yuan/mt. On the demand side, purchase willingness strengthened, with some enterprises accepting traders' low-priced old inventory, while others began to take on smelters' high-priced new material, driving the overall transaction price upward. The market remains in a tug-of-war between sellers and buyers, with price discrepancies persisting between upstream and downstream players. In the short term, cobalt sulphate prices are expected to stabilize. Once downstream players gradually digest the current price levels and initiate a new round of procurement, cobalt salt prices are likely to resume their upward trend.

Cobalt intermediate product prices held up well this week. Over the weekend, domestic enterprises announced a suspension of toll processing for intermediate products, intensifying expectations of supply tightening, and holders continued to raise their offers. On the demand side, overall conditions remained stable. Although some smelters had purchasing intentions, actual transactions remained sluggish due to raw material costs being significantly higher than cobalt salt prices and sellers holding prices firmly. The market maintained a pattern of "price without market." Currently, export approval procedures in the DRC have not yet been completed, and actual exports of intermediate products have not resumed. Considering the shipping time to China is approximately three months, domestic cobalt raw material supply is expected to remain structurally tight before Q1 2026, and intermediate product prices still have support for a rise.

This week, spot prices of refined cobalt fluctuated upward. On the supply side, supported by raw material costs, enterprises held prices firm, and traders raised their quotations following the rebound in futures. On the demand side, after previous fluctuations, just-in-time procurement remained the primary approach. However, as prices stabilized, some enterprises' purchase willingness rebounded, leading to improved transactions. Currently, the price spread between refined cobalt and cobalt salts has returned to a reasonable range, and further price increases will still depend on the upward movement of cobalt salt prices.