[SMM Weekly Review] This week, refined cobalt prices stopped falling and rebounded

Published: Jul 24, 2025 16:54

Save

[SMM Weekly Review] This week, refined cobalt prices stopped falling and rebounded. On the supply side, smelters continued to supply under long-term contracts, with ex-factory prices remaining unchanged due to production costs. At the weekend, customs data was released, boosting market sentiment. Domestic futures prices stabilized and rebounded, 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 factories affected by high temperatures, most downstream producers maintained a just-in-time procurement rhythm. However, some traders reported that market inquiries and transactions had improved somewhat compared to last week, with a small number of downstream enterprises replenishing their stocks in advance under the influence of bullish sentiment. Overall, the current time point is still in the off-season for demand. In the short term, refined cobalt prices will maintain a fluctuating trend, with subsequent price movements needing to focus on cost increases and the digestion of social inventory.

This week, refined cobalt prices stopped falling and rebounded. On the supply side, smelters continued to supply under long-term contracts, and ex-factory prices remained unchanged due to production costs. At the weekend, customs data was released, boosting market sentiment. Domestic futures prices stabilized and rebounded, with traders' quoted prices and transaction prices following the upward trend. On the demand side, social inventory of refined cobalt remained high. Additionally, downstream alloy and magnetic material factories experienced weak demand due to high temperatures, and most downstream producers maintained a just-in-time procurement rhythm. However, some traders reported that market inquiries and transactions had improved somewhat compared to last week, with a small number of downstream enterprises replenishing their stocks ahead of schedule due to bullish sentiment. Overall, the current time point is still in the off-season for demand. In the short term, refined cobalt prices will maintain a fluctuating trend. Subsequent price trends will require close attention to cost increases and the digestion of social inventory.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Xiao Wenhao 021-51666872

Zhou Zhicheng 021-51666711

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

11 hours ago

Beijing Launches 500-kV Power Project in Fengtai, Boosting Grid Resilience and Industrial Growth

On January 28th, the construction of the 500-kilovolt power transmission and transformation project in Fengtai, Beijing officially started. This project is the first newly-built 500-kilovolt power grid project in Beijing during the 15th Five-Year Plan period. It will significantly enhance the resilience and power receiving capacity of the southern Beijing power grid and provide reliable power support for Beijing to continuously optimize the investment structure and vigorously develop high-end, precise, and cutting-edge industries. The 500-kilovolt power transmission and transformation project in Fengtai, Beijing is a key project of Beijing's power grid during the 15th Five-Year Plan period and one of the "3 100" key projects in Beijing this year. It is constructed and managed by the State

11 hours ago

Shaanxi-Anhui UHV DC Project's 500-kV AC System at Hezhou Station Begins Operation After Trial Run

On February 1st, the 500-kilovolt AC system of the Hezhou Converter Station, the receiving-end station of the ±800-kilovolt UHV DC power transmission project from northern Shaanxi to Anhui, was officially put into operation after a 24-hour trial run.

11 hours ago

750-kV Power Line Connecting Northern to Central Shaanxi Fully Operational

On February 2nd, the 750-kilovolt power transmission and transformation project of the third passageway from northern Shaanxi to central Shaanxi was fully connected. The project starts from the 750-kilovolt Shuofang Substation in Shenmu City in the north and ends at the 750-kilovolt Bailuyuan Substation in Lantian County in the south. It has newly built a 1,271-kilometer line, passing through 18 counties (districts) in 4 cities including Yulin, Yan'an, Weinan and Xi'an.

11 hours ago