[SMM Analysis] Slight Increase in Cobalt Intermediate Products Imports in April

According to customs data, China's imports of cobalt hydrometallurgy intermediate products reached approximately 18,600 mt in metal content in April 2025, up 5% MoM. In terms of average import prices, in March 2025, the average import price of cobalt hydrometallurgy intermediate products in China was $15,820/mt (metal content). By country, the DRC remained the primary source of imports in March, with imports totaling approximately 18,500 mt in metal content (calculated based on a 35% grade), an average import price of $15,857/mt (metal content), and accounting for approximately 99% of total imports.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Liu Yujun 021-20707895

Zhou Zhicheng 021-51666711