[SMM Weekly Review] This week, the low-end price of refined cobalt rose slightly, while the high-end price remained stable

Published: Jul 3, 2025 17:35

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[SMM Weekly Review] This week, the low-end price of refined cobalt rose slightly, while the high-end price remained stable. On the supply side, smelters of refined cobalt maintained long-term contract supplies, with fewer spot order quotations. Traders had limited low-priced inventory left, leading to an increase in low-end quotations. Some traders reported an increase in the ex-factory price of a certain high-end brand at the high-end price range, and traders followed suit by refusing to budge on prices. However, due to weak purchase willingness from downstream buyers, the market transaction price gradually fell below the producer's ex-factory price. On the demand side, as the current social inventory of refined cobalt remained high and downstream demand did not show significant improvement, most downstream producers maintained a just-in-time procurement rhythm, with actual transactions remaining relatively weak. It is expected that the price of refined cobalt will continue to maintain a fluctuating trend in the short term.

This week, the low-end price of refined cobalt rose slightly, while the high-end price remained stable. On the supply side, smelters maintained long-term contract supplies of refined cobalt, with fewer spot order quotations. Traders had limited low-priced inventory left, leading to an increase in low-end quotations. For high-end prices, some traders reported an increase in the ex-factory price of a certain high-end brand, and traders followed suit by refusing to budge on prices. However, due to weak purchase willingness downstream, the market transaction price gradually fell below the producer's ex-factory price. On the demand side, given the still high social inventory of refined cobalt and no significant improvement in downstream demand, most downstream producers maintained a just-in-time procurement rhythm, with actual transactions remaining relatively weak. It is expected that the refined cobalt price will continue to maintain a fluctuating trend in the short term.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lv 021-20707875

Wenhao Xiao 021-51666872

Zhicheng Zhou 021-51666711

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