China has abundant reserves of phosphate ore resources, but the overall grade is medium. Phosphate ore is mainly used in the agricultural sector (such as phosphate fertiliser production), while new energy (such as LFP) is becoming the core driving force for future demand growth. In the short term, the supply and demand of phosphate ore will still be in a tight balance, with prices supported by new energy demand. In the long term, attention needs to be paid to resource sustainability and technological upgrades.

[SMM Weekly Review] This week, the spot price of cobalt intermediate products maintained an upward trend, with some enterprises reporting a small volume of transactions for mainstream brands around 13. On the supply side, mainstream miners maintained their refusal to budge on prices. After the price increase, traders resumed offering quotes but controlled the pace of shipments. On the demand side, some smelters began purchasing intermediate products in the market, but due to the high prices, the trading volume remained relatively limited for the time being. Overall, affected by the DRC's extension policy, China's cobalt intermediate products will still face raw material shortages in the future, and there is upward momentum in prices. However, attention needs to be paid to the inhibition of downstream demand caused by the increase in raw material prices during this process.

[SMM Weekly Review] This week, the spot price of cobalt sulphate rose slowly. On the supply side, influenced by the continuous rise in production costs, mainstream smelters maintained their refusal to budge on prices, with some enterprises quoting prices at 54,000 yuan/mt. Traders held a bullish sentiment, halting quotes for old cargo and following the upward trend in new cargo quotes. On the demand side, there was not much old cobalt sulphate cargo in the market. When purchasing, enterprises needed to gradually start buying new, higher-priced cargo from smelters or traders. Some ternary cathode precursor enterprises reported that they could currently accept prices around 5.0. Due to a certain price gap between buyers and sellers, overall market transactions remained relatively sluggish this week. It is expected that under the influence of the continuous rise in raw material costs, cobalt sulphate prices may continue to maintain a strong trend in the short term. However, during this process, it is still necessary to observe the actual purchase situation of downstream enterprises.

[SMM Weekly Review] This week, the spot price of refined cobalt was in the doldrums. Supply side, due to the continuous rise in the price of cobalt intermediate products, the economic viability of refined cobalt production has weakened, leading smelters to cut or even halt production. Those still in operation have generally maintained a stance of refusing to budge on prices. Domestic futures have recently jumped initially and then pulled back, with traders offering slight corrections in their quotes. Demand side, the current social inventory of refined cobalt remains high, and most downstream producers are still adhering to a just-in-time procurement rhythm. Traders have reported that some downstream enterprises had already restocked in advance before the recent rebound in refined cobalt prices, and currently, their inquiries are weak. Overall, the combination of high-temperature summer breaks and the recent high volatility in the refined cobalt market has led to relatively weak downstream purchase willingness, with actual transactions being sluggish. In the short term, it is expected that the price of refined cobalt will maintain a fluctuating trend, and subsequent price movements will require close attention to cost increases and actual downstream procurement activities.

The price of separator remained stable this week

The market price of cobalt chloride is 64,000 yuan/mt.

[SMM Weekly Review of Lithium Electrolyte Market: Electrolyte Prices Remain Stable This Week (2025.8.4-8.7)] From August 4 to August 7, 2025, electrolyte prices remained stable. Considering that it is difficult to achieve substantial improvement in the supply-demand relationship in the short term, and the lack of strong stimulating factors in the industry, but against the backdrop of a slight rise in the prices of some raw materials, it is expected that electrolyte prices will remain stable or even rise slightly in the coming period.