The cobalt powder market remains stable, with weak downstream procurement

Published: Jul 17, 2025 15:40

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This week, the quoted prices for cobalt powder in the market remained stable, with sluggish trading activity and a wait-and-see sentiment prevailing among downstream buyers. During the previous two rounds of price increases, downstream buyers made purchases, with some enterprises replenishing their inventory. Currently, purchase willingness is notably low. In the cost structure of cemented carbides, the price of tungsten carbide is around 370,000 yuan/mt, accounting for 90% of the total cost, while cobalt powder accounts for 10%. On the recycling side, the recycling volume of cobalt powder is relatively low, with the main focus on recycling new raw materials containing tungsten and cobalt. Despite the purity of these raw materials contributing to cost reduction, the price spread between recycled materials and primary materials has narrowed due to the increase in tungsten prices. At present, alloy demand has not been fully released, but it is expected to increase this year.

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