[SMM Analysis] China's Unwrought Cobalt Exports, Imports Drop Back Slightly in May 2025

In May 2025, China's imports of unwrought cobalt were approximately 651 mt (metal content), down 23% MoM and up 189% YoY. In terms of average import prices, the average import price of unwrought cobalt in China in April 2025 was $30,306/mt (metal content), up 12.96% MoM. From January to May 2025, cumulative imports reached 2,990 mt (metal content), with a cumulative increase of 178.4% YoY.

In terms of exports, China's exports of unwrought cobalt in May 2025 were approximately 2,986 mt (metal content), down 27% MoM and up 433% YoY. In terms of average export prices, the average export price of unwrought cobalt in China in March 2025 was $32,302/mt (metal content), up 3.80% MoM. From January to May 2025, cumulative exports reached 10,383 mt (metal content), with a cumulative increase of 232.68% YoY.

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

Xiao Wenhao 021-51666872