[SMM Weekly Review] The spot price of cobalt sulphate rose slightly this week

This week, the spot price of cobalt sulphate rose slightly. On the supply side, influenced by the continuous rise in production costs, smelters' new cargo quotes remained at 50,000-53,000 yuan/mt, with some enterprises further raising their quotes above 53,000 yuan/mt. Traders held a bullish sentiment and temporarily suspended quoting. On the demand side, most ternary cathode precursor and Co3O4 enterprises were still in the off-season, with no significant improvement in orders. However, there was not much old cobalt sulphate cargo in the current market, and enterprises needed to gradually start purchasing higher-priced new cargo from smelters. Overall market transactions remained relatively sluggish this week, but there were reports of relatively large-scale transactions mid-week. It is expected that under the influence of the continuous rise in raw material costs, cobalt sulphate prices may continue to maintain a relatively strong trend in the short term, but it is still necessary to observe the improvement in downstream demand during this process.

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