[SMM Weekly Review] This week, refined cobalt prices were in the doldrums

Published: Jul 17, 2025 17:10

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[SMM Weekly Review] This week, refined cobalt prices were in the doldrums. On the supply side, smelters maintained long-term contract supply, and ex-factory prices remained unchanged due to production costs. Domestic futures prices declined steadily, with traders' quotes and transaction prices following suit. On the demand side, social inventory of refined cobalt remained high. Coupled with weak demand from downstream alloy and magnetic material producers affected by high temperatures, most downstream producers maintained a just-in-time procurement rhythm, and actual transactions of refined cobalt remained sluggish this week. It is expected that refined cobalt prices will maintain a fluctuating trend in the short term, and subsequent price movements will require close attention to cost increases and the digestion of social inventory.

This week, refined cobalt prices were in the doldrums. On the supply side, smelters maintained long-term contract supply, and ex-factory prices remained unchanged due to production costs. Domestic futures prices declined steadily, with traders' quoted prices and transaction prices following suit. On the demand side, social inventory of refined cobalt remained high. Coupled with weak demand from downstream alloy and magnetic material manufacturers affected by high temperatures, most downstream producers maintained a just-in-time procurement rhythm, and actual transactions of refined cobalt remained weak this week. It is expected that refined cobalt prices will maintain a fluctuating trend in the short term, and subsequent price movements will require close attention to cost increases and the digestion of social inventory.

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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