Looking ahead, battery cell and cathode material production schedules are expected to remain high in December, though with a slight decline MoM. Against the backdrop of increasing supply and generally stable demand, the lithium carbonate market is expected to continue destocking in December, but the destocking pace is likely to slow down compared to November.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Rose This Week (2025.12.1-12.4)] From December 1 to December 4, 2025, electrolyte prices increased. Considering the pressure from the cost side and the dynamic changes in the supply-demand relationship, electrolyte prices were expected to have further room for growth.

Cobalt sulphate prices edged up this week, with the market center shifting higher. Supply side, rigid raw material costs provided firm support, and smelters held prices firm: offers for the MHP and scrap-derived routes remained locked in at 88,000–90,000 yuan/mt, while the intermediate product route held firm above 90,000 yuan/mt. Demand side, purchase willingness among downstream buyers improved noticeably since last Friday, and low-priced old inventory below 85,000 yuan/mt from traders was largely depleted. Some buying interest shifted to inquiries for high-priced new material from smelters, with a small volume of MHP-derived cobalt sulphate concluded. Due to high prices, trading activity for the intermediate product route remained subdued. Although price discrepancies between upstream and downstream persisted, buyer acceptance of current prices gradually improved. Once downstream buyers complete phased digestion and initiate a new round of concentrated procurement, cobalt salt offers are expected to test higher again.

The cobalt intermediate products market continued its strong trend this week, but overall changes were relatively small, maintaining a pattern of "price without market" with sluggish transactions.

This week, domestic spot refined cobalt continued to experience a mild increase, with the price center slightly shifting upward to a new consolidation range. Supply side, raw material costs remained high and locked in, smelters and suppliers maintained firm offers, traders adjusted prices narrowly in line with futures, and there was no significant increase in spot cargo available in the market. Demand side, downstream industries maintained just-in-time procurement pace, but after prices stabilized in phases, some enterprises showed marginal recovery in inquiry and purchase willingness, and transactions improved slightly compared to previous lows, though the volume was not enough to drive a trend breakthrough. Currently, the price spread between refined cobalt and cobalt salt has returned to a reasonable range; for refined cobalt to further break through the upside, cobalt salt needs to lead with increased volume and provide a premium driver. In the short term, cost support coexists with a weak recovery, and prices are expected to continue narrow and slightly stronger consolidation.